The Liberal Democrats have formally requested that Britain's Financial Conduct Authority investigate Reform UK leader Nigel Farage's involvement with Stack, a British Bitcoin company in which he holds a significant stake.
The request comes after Farage appeared in a promotional video celebrating Stack's £2 million Bitcoin purchase. As both a shareholder and public face of the company, his participation has triggered concerns about whether his influence could constitute market manipulation or abuse.
Through his investment vehicle Thorn In The Side Ltd, Farage has invested £215,000 in Stack and owns 6.3% of the company. He has also received over £226,000 from Direct Bullion, a gold trading firm co-founded by Stack chair Paul Withers, for brand ambassadorial work.
Lib Dem deputy leader Daisy Cooper said Farage appeared to be using his political profile to boost his own financial interests. Labour chair Anna Turley criticized Farage's partnership with Kwarteng, who served as chancellor during Liz Truss's premiership before his departure.
The controversy comes as Prime Minister Keir Starmer has announced plans to ban cryptocurrency donations to political parties as part of a crackdown on foreign financial interference. Reform UK is the only Westminster party known to have accepted Bitcoin contributions.
Farage announced last May that his party would welcome cryptocurrency donations. By October, he confirmed they had received "a couple."
The FCA acknowledged receipt of the Liberal Democrats' complaint and said it would review it.