Reform UK faces police probe over $2m crypto-linked donations
Metropolitan police are investigating whether Reform UK disguised the source of $2m in donations routed through cryptocurrency exchanges, highlighting vulnerabilities in European political financing laws.
George Cottrell transferred $2,047,693 to his mother, Fiona Cottrell, in the days before she donated £1.5m to Reform UK in 2024. The funds passed through US-based crypto exchanges and money transfer services before entering her bank account. Detectives from the Metropolitan police are now investigating whether this routing was used to disguise the ultimate source of the money under the Political Parties, Elections and Referendums Act 2000.
Fiona Cottrell made two declared £250,000 donations in May 2024, which were directly preceded by transfers of $318,878 and $328,815 from her son. In June, she transferred £1,075,000 to Britain Means Business, a fundraising company controlled by the party's deputy leader, Richard Tice. That transaction was routed via Oneify, an Australian money exchange, and was not officially declared at the time.
The reliance on crypto infrastructure to convert digital assets into fiat currency and funnel them into a domestic political system exposes a regulatory loophole. For European policymakers, who are still implementing the Markets in Crypto-Assets regulation, the incident underscores the difficulty of tracking funds that bypass traditional correspondent banking networks. Several of the transactions triggered suspicious activity reports to the UK’s National Crime Agency from banking officials.
George Cottrell, a convicted fraudster living in Montenegro, reportedly told senior party figures he would secure additional funds ahead of the general election. "He was acting as a sort of shadow treasurer, saying he would find a way to get more money in," one party source said. Reform UK denied this characterisation, stating it strictly follows Electoral Commission guidelines and takes pride in its vetting procedures.
The investigation compounds existing scrutiny on the party's financial operations. Nigel Farage is facing a parliamentary standards investigation over a separate, undisclosed £5m gift from crypto-billionaire Christopher Harborne. "All right, perhaps I should have filled in a piece of paper. If that’s the worst thing I’ve done in life – not filling in a form – I would say that’s not too bad," Farage told the Telegraph.
Tice faces separate questions about an undeclared £80,000 loan from Cottrell, and has accused the police of conducting a smear campaign. The Met launched its formal investigation in February 2025 following a referral from the Electoral Commission. Two people have been interviewed under caution, though no arrests have been made. George Cottrell's lawyers have stated that his mother's donations were her own decision, while Fiona Cottrell has not responded to requests for comment.
