Nikhil Rathi
Chief Executive of the Financial Conduct Authority; received Lib Dem letter on 14 April 2026 requesting an investigation into Nigel Farage's Stack BTC stake.
Last refreshed: 15 April 2026 · Appears in 1 active topic
Will the FCA open a formal investigation into Farage's Stack BTC dealings before polling day on 7 May?
Timeline for Nikhil Rathi
Received formal letter from Lib Dem deputy leader requesting Stack BTC investigation
UK Local Elections 2026: Lib Dems ask FCA to probe Farage crypto stake- Is the FCA investigating Nigel Farage over Stack BTC?
- The FCA confirmed it will review the 14 April 2026 letter from Lib Dem deputy leader Daisy Cooper requesting an investigation into Farage's £215,000 Stack BTC stake. Whether a formal investigation follows is at the FCA's discretion.Source: CoinTelegraph
- Who is Nikhil Rathi and what does he do?
- Nikhil Rathi has been Chief Executive of the Financial Conduct Authority since October 2020, previously CEO of the London Stock Exchange. The FCA regulates UK financial markets and consumer financial services.
- What is the difference between the FCA probe and the Electoral Commission on Reform UK crypto?
- The Electoral Commission investigates party donation legality under electoral law; the FCA investigates personal market conduct under financial services law. They are separate regulators with different powers and remits.Source: Lowdown
Background
Nikhil Rathi has been Chief Executive of the Financial Conduct Authority (FCA) since October 2020, appointed from a previous role as Chief Executive of the London Stock Exchange. The FCA is the UK's financial markets and conduct regulator, responsible for overseeing financial services firms and protecting consumers. On 14 April 2026, Lib Dem deputy leader Daisy Cooper wrote to Rathi requesting a formal investigation into Nigel Farage's £215,000 stake in Cryptocurrency firm Stack BTC, alleging potential market abuse and conflict of interest over Farage's appearance in promotional material claiming a £2m bitcoin purchase on Stack's behalf while holding a personal stake. The FCA confirmed it would review the letter.
Rathi's FCA has been grappling with the regulation of Cryptocurrency throughout his tenure, a sector that has grown rapidly with limited regulatory oversight under existing UK financial services law. His role in the Cooper complaint is procedural: the FCA is required to consider complaints and respond directly. The question of whether it escalates to a formal investigation under the Financial Services and Markets Act is within Rathi's authority. The complaint is distinct from the Electoral Commission's investigation into Reform UK's Cryptocurrency donations, which concerns party finance law rather than personal market conduct.
This is the second crypto-related regulatory pressure on the 2026 election cycle the FCA has been drawn into, following the Electoral Commission's disclosure that it cannot verify Reform UK's Cryptocurrency donation records without wallet addresses the party has not provided.