Nigel Farage has been referred to the Financial Conduct Authority (FCA) over claims his cryptocurrency advocacy has benefited his billionaire backer, Christopher Harbone.

The Reform UK leader has previously insisted the millions donated by the Thailand-based crypto investor was gifted to him and the party with the expectation of “absolutely nothing in return at all”.

But the Chair of the Labour Party has now written to the financial regulator calling for an investigation into whether Mr Farage’s efforts to promote cryptocurrencies and stablecoins may have benefited Mr Harborne.

“Mr Farage’s public advocacy for stablecoins and cryptoassets raises issues within the FCA’s remit,” the letter reads.