Nigel Farage faces fresh scrutiny after The Sunday Times reported that he failed to declare support from George Cottrell, a convicted fraudster linked to the offshore crypto gambling platform Tether.bet.
The report said Cottrell paid for security, staff, drivers and accommodation for Farage in the year before his election as MP for Clacton on July 4, 2024. Farage’s team rejected the claims and said the support did not breach parliamentary rules. Liberal Democrat MP Josh Babarinde has asked the parliamentary standards watchdog to review the matter.
Meanwhile, The Sunday Times reported that Cottrell helped fund parts of Farage’s operation before the 2024 election. The report said the support included private security, social media staff, drivers and use of a London townhouse near Buckingham Palace.
Cottrell confirmed through lawyers that he hired staff for Farage’s private office and paid them by bank transfer. In addition, the newspaper also reported that Farage declared a £9,253 Belgium trip funded by Cottrell and later added a £15,276 flight donation.
However, it said he did not declare the other support. The issue now centers on whether those benefits related to his political work or were private support from a friend.
House of Commons rules require new MPs to register current financial interests and registrable benefits received in the 12 months before their election. The Parliament website says the register covers financial interests or benefits that someone might reasonably consider could influence what an MP says or does.
Farage denies wrongdoing as MPs seek answers
Farage has denied wrongdoing. A spokesperson dismissed the claims as “baseless and contrived.” Farage called the claims an “establishment hit job” and said he had followed the rules.
Opposition MPs have asked for a formal review. Babarinde referred the matter to the standards watchdog and asked whether Farage’s disclosures complied with the rules.
The Associated Press also reported that the row has added pressure on Farage while he already faces a separate probe into a £5 million gift from Thailand-based crypto billionaire Christopher Harborne.
Harborne is a major Reform UK donor and has a reported stake in Tether, the issuer of the USDT stablecoin. Farage has said the Harborne gift was personal and used for security costs. The new reporting raised questions because Cottrell had reportedly paid for security in the months before the Harborne gift arrived.
Tether.bet link brings crypto angle into the row
Cottrell pleaded guilty to wire fraud in the U.S. in 2017 after a money laundering sting and served eight months in prison, Al Jazeera reported. The Sunday Times described him as a figure involved in Tether.bet, an offshore bookmaker that accepted large wagers in cash or crypto, including USDT.
The report said Tether.bet’s website was registered days after Farage, Cottrell and Harborne had lunch together in Mayfair in July 2020. It also alleged that, as late as 2022, U.K. customer deposits to the platform were routed through two British shell companies. Cottrell denied personally seeking clients for the platform.
Moreover, the Tether connection also lands during a broader debate over stablecoin oversight. As The Coin Headlines reported, Tether has played a visible role in crypto compliance.
In June, the company froze $72 million in USDT tied to a suspicious wallet after a $120 million transaction trail triggered a 46 percent Monero price spike.
Total stablecoin supply reached $300 billion, with USDT adding $5 billion as rival stablecoins lost market share, as we reported. That backdrop explains why political and regulatory stories tied to stablecoins now draw wider attention beyond crypto trading desks.
Crypto politics stays under the spotlight
Farage has promoted pro-crypto policies, including a Bank of England Bitcoin reserve and a capital gains tax cut on crypto. He was also referred to the standards watchdog over claims linked to crypto lobbying after a Bank of England meeting. Farage has denied any link between his personal financial relationships and his policy positions.
Elsewhere, a similar funding pattern has emerged in the U.S., where crypto firms spent $189 million in the 2026 election cycle. Crypto remained the largest corporate political spender in the cycle and that online betting firms also formed part of a wider political spending wave.
Separately, a U.K. lawsuit against Binance also showed how British regulators and courts continue to examine crypto-linked products offered to retail users. The case included claims tied to unauthorized crypto derivatives sales and followed the Financial Conduct Authority’s earlier action against retail crypto derivatives.
Farage has not been found to have breached the rules in the Cottrell matter. The case now depends on whether the standards watchdog decides to open or expand an inquiry.
