UK Liberal Democrats have asked the Financial Conduct Authority (FCA) to investigate Nigel Farage’s relationship with Bitcoin treasury firm Stack BTC after the company disclosed a 37 Bitcoin purchase and released promotional material that features the Reform UK leader, who is also a shareholder.
In a letter to the FCA, deputy leader Daisy Cooper urged the regulator to examine whether Farage violated market rules by appearing in a promotional video for Stack BTC while holding a financial stake in the company. Cooper wrote that the FCA must determine “whether Farage’s plans to cash in on Crypto could potentially amount to market abuse and a conflict of interest,” adding that political leaders should not treat financial markets as “a personal piggy bank.”
Stack BTC said it bought 37 BTC for roughly $2.7 million as part of its treasury strategy. In the video tied to the purchase, Farage asserted that a Bitcoin treasury company cannot operate without holding Bitcoin. An FCA spokesperson told Cointelegraph the regulator will review Cooper’s letter and respond directly. Cointelegraph contacted Stack BTC for comment but had not received a response by publication.
Farage has recently deepened his ties to Stack BTC. In March he disclosed a $286,000 equity investment that gave him a 6.31% stake via his media vehicle Thorn In The Side. Stack BTC, chaired by former Chancellor Kwasi Kwarteng, reports holding over 68 BTC purchased at an average cost of $72,400 per coin.
Cooper’s letter also noted a £9 million (about $12 million) donation to Reform UK from early crypto investor Christopher Harborne and Farage’s advocacy for crypto-friendly policies. She asked whether Farage might be using his political platform to promote cryptocurrencies in ways that could inflate values to benefit himself, his party, and close donors.
The inquiry comes amid broader scrutiny of crypto’s role in UK politics. The Rycroft Review recently recommended a moratorium on cryptocurrency donations to political parties, citing risks of foreign financial interference in elections. The UK government has moved to enact a temporary ban on crypto donations until stronger safeguards are implemented, and some MPs, including the chair of the security committee, have pushed for a full ban this year.
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