Political pressure is mounting in the United Kingdom as regulators face calls to scrutinize the rise of bitcoin tied to government officials, while broader scrutiny of digital asset markets continues across the board.
Liberal Democrat deputy leader Daisy Cooper has called on the Financial Conduct Authority to investigate Nigel Farage over his involvement with bitcoin financial firm Stack BTC. The request follows a promotional video in which the company said Farage had made a £2 million bitcoin purchase on its behalf.
The company described the purchase as a “historic moment” in British politics, explaining that Farage is the first sitting member of Parliament and the first leader of a political party in the UK to publicly receive bitcoin.
Farage disclosed previous investments in the company, raising questions about conflicts of interest and market conduct.
In a letter to FCA chief executive Nikhil Rathi, Cooper cited concerns that Farage’s dual role as investor and promoter could expose retail investors to risk. He asked the regulator to decide whether the activity would amount to market abuse or undue influence.
“Farage may be using Trump’s playbook to put his own interests ahead of public welfare.” Cooper posted on X
The FCA confirmed that it had received the request and said it would review the matter.
The dispute also concerns political financing. Cooper pointed to a £9 million donation to Reform UK from crypto investor Christopher Harborne, which he described as unprecedented in scale. He pointed out that financial ties between political actors and digital goods companies can blur the line between advocacy and profiteering.
Farage has promoted policies aimed at increasing cryptocurrency adoption, including proposals for a national bitcoin reserve and tax payments on digital assets.
Farage’s investment in Stack BTC
Last month, the MP invested £215,000 in Stack BTC through his media company Thorn In The Side Ltd, taking a roughly 6.3% stake as part of a £260,000 fundraising round for a London-listed Bitcoin treasury firm linked to former UK chancellor Kwasi Kwarteng.
The raise included participation from Blockchain.com and involved the issuance of 5.2 million new shares at 5 pence each, with the listing planned on the Aquis Growth Market.
Farage, a long-time bitcoin advocate, has called for a Bank of England bitcoin reserve and pro-crypto legislation, while his Reform UK group accepts bitcoin donations through payment company Radom.
Stack BTC focuses on bitcoin wealth management and institutional storage services, with support including investor Christopher Harborne.
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