The Lib Dems are calling for an inquiry into Farage’s promotion of the deal
Nigel Farage has been criticised by Labour and the Lib Dems for appearing in a video alongside Liz Truss’ former chancellor Kwasi Kwarteng, to promote a £2 million Bitcoin purchase.
Kwarteng joined Stack as its executive chair last October.
A Reform spokesperson said that Farage had “bought the [£2m of] crypto on behalf of Stack and not personally”.
Last month, it emerged Farage, who has been paid to speak at crypto conferences and promoted crypto in his policies as Reform leader, had invested £215,000 in the Kwarteng-led Bitcoin firm.
In the video, Farage was filmed saying he was about to place the Bitcoin order. He said: “Stack cannot be a Bitcoin treasury, unless we…” before Kwarteng finished his sentence with: “buy Bitcoin”.
Kwarteng said that Stack has made “massive progress” in just a few weeks, and that the firm has “great partners” including Blockchain and Nigel Farage.
Labour has described Farage’s involvement in the venture as “a bid to line his own pockets”.
The Lib Dems have called for the financial regulator, the Financial Conduct Authority to investigate Farage’s promotion of the Bitcoin deal.
Daisy Cooper, Deputy Leader of the Liberal Democrats, told the BBC: “This raises real concerns that Nigel Farage could be using the Donald Trump playbook to put his own financial interests above the public good, potentially luring people into high-risk schemes for his own gain.”
A vocal advocate for crypto, Trump has ties to a family cryptocurrency venture named World Liberty Financial. He also hosted the first-ever crypto summit at the White House.
Cooper said: “The FCA must investigate whether Farage’s plans to cash in on crypto could potentially amount to market abuse and a conflict of interest.
“We cannot allow political leaders to treat the financial markets like a personal piggy bank to line their own pockets.”
An FCA spokesperson said: “We will review the letter and respond directly.”
Image credit: Stack BTC
Olivia Barber is a reporter at Left Foot Forward
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