Nigel Farage resigns as MP following multiple crypto-linked scandals

Reform UK leader Nigel Farage has announced that he will resign as MP and force a local by-election after The Times revealed that he’d failed to declare financial support from long-term aide and convicted criminal George Cottrell.

The Times‘ report details various donations and “gifts” from Cottrell to Farage that appear to be politics-related. Farage was subsequently referred to the Parliamentary Standards Commissioner.

During Farage’s announcement, he claimed that the parliamentary body is “being used as a political tool” and claimed that The Times’ reporting was “wholly inaccurate.”

He maintains he’s done nothing wrong and hasn’t broken the law in any way, and that he’s a victim of unfairly intense media scrutiny. 

BREAKING: Nigel Farage has resigned as an MP to trigger a by-election in Clacton 

"This will be a people vs the establishment by-election. A chance to stick two fingers up to the entire establishment" pic.twitter.com/oMNHR9pFNZ

Read more: Nigel Farage faces probe following crypto aide’s secret support, report

Farage has announced that he intends to run again in the upcoming by-election in Clacton-on-Sea, with many predicting he’ll frame it as a “people versus the establishment” election.

The Reform leader was elected as an MP in Clacton during the 2024 UK general election, where right-wing parties Reform UK and the Conservatives together received over 70% of the vote.   

Farage has become embroiled in numerous crypto scandals over the past few months. 

Indeed, crypto billionaire Christopher Harborne was revealed to have given Farage a secret £5 million ($6.6 million) “gift” before he ran for election in 2024.

The Parliamentary Standards Commissioner later launched a probe to determine whether or not the gift breached any rules. 

If this probe finds he did break the rules, it would open up the possibility for a petition that could also trigger a by-election. 

The Guardian’s Political Editor, Pippa Crerar, also noted that the investigation over the gift from Harborne will be suspended while he’s not an MP.

Crerar added, however, that the investigation will continue if he is re-elected, and that it can also continue even if he isn’t an MP at the discretion of the commissioner. 

Read more: Nigel Farage accused of undervaluing Christopher Harborne jet loan by $666K

Farage was also referred to the UK Financial Conduct Authority after he reportedly lobbied the Bank of England to scrap plans for a state-backed stablecoin.

If successful, it would’ve been profitable for Harborne, who holds a 12% stake in multi-billion-dollar stablecoin firm Tether. 

Another Parliamentary Standards referral was issued after Farage was accused of under-declaring the value of a private jet trip from Harborne.

Cottrell, a 36-year-old convict with a history of high-stakes gambling who is often pictured by Farage’s side, also plays a key role in Tether.bet, an offshore crypto gambling firm that’s modelled on Tether’s USDT.

He reportedly helped Reform hire multiple staff, including social media political campaigners, organised security, and let Farage stay at his five-storey mansion in London. 

Most of this was before Farage’s election in 2024, and none of it was declared under the Register of Interests. 

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