UK Lib Dems call for probe into Farage over $2.7M Stack BTC promotion

UK Liberal Democrats called on the FCA to examine Nigel Farage’s Stack BTC promotion as scrutiny grows over crypto conflicts and political donations.

UK Liberal Democrats have urged the Financial Conduct Authority (FCA) to investigate Nigel Farage’s ties to Bitcoin treasury company Stack BTC after it disclosed a 37 Bitcoin purchase and published promotional material featuring the Reform UK leader, who is also a shareholder.

In a letter to the FCA, Liberal Democrat deputy leader Daisy Cooper asked the regulator to investigate whether Farage breached market rules by appearing in a promotional video for Stack BTC while holding a financial stake in the company.

“The FCA must investigate whether Farage’s plans to cash in on Crypto could potentially amount to market abuse and a conflict of interest,” she wrote, adding that “we cannot allow political leaders to treat the financial markets like a personal piggy bank to potentially line their own pockets.”

Stack BTC said Monday that it purchased 37 Bitcoin (BTC) for roughly $2.7 million as part of its treasury strategy. In a video tied to the purchase, Farage said that a Bitcoin treasury company cannot exist without holding Bitcoin.

The scrutiny adds to questions over the intersection of crypto and UK politics as Farage deepens his involvement with Stack BTC and lawmakers push for tighter rules on digital asset donations to political parties. An FCA spokesperson told Cointelegraph that they will “review the letter and respond directly.”

Cointelegraph reached out to Stack BTC for comment, but had not received a response by publication.

Related: UK sanctions $20B scam market by cutting ‘legitimate’ crypto ties

Farage, leader of Reform UK, has recently deepened his relationship with Stack BTC. In March, he disclosed a $286,000 equity investment in the company, acquiring a 6.31% stake in the company through his media vehicle Thorn In The Side.

Stack BTC, chaired by former UK Chancellor Kwasi Kwarteng, holds over 68 BTC purchased at an average cost of $72,400 per coin, according to its website.

Cooper’s letter also references the record 9 million British pounds (about $12 million) donation to Reform UK from early crypto investor Christopher Harborne and Farage’s push for crypto-friendly policies.

“Taken together, these facts beg the question whether Mr Farage is promoting cryptocurrencies through his political platform in order to inflate crypto values for his own financial benefit, as well as that of his party and his inner circle of donors,” she wrote.

Related: UK lawmakers seek moratorium on crypto donations to political parties

Last month, the Rycroft Review recommended a moratorium on cryptocurrency donations to political parties, warning they could open the door to foreign financial interference in UK elections. The UK government moved forward with the proposal, with Prime Minister Keir Starmer stating the government will impose a temporary ban on crypto donations until stronger safeguards are in place.

Several members of parliament, including the chair of the security committee, have been pushing for a full ban this year.

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Source: CoinTelegraph