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Reform UK leader Nigel Farage is reportedly facing a parliamentary standards inquiry over whether he failed to declare a 5 million pound ($6.7 million) gift from crypto billionaire Christopher Harborne.

The UK Parliamentary Standards Commissioner has opened an inquiry into whether Farage breached House of Commons rules by not registering the payment, the BBC reported Wednesday.

Farage said he was under "no obligation" to declare the gift from the Reform party backer, which he received before he was elected to the Commons in 2024. Critics argue he should have registered the payment after becoming a member of parliament.

The Conservatives wrote to the parliamentary standards watchdog asking it to investigate the matter, according to the BBC.

The inquiry adds to scrutiny of Farage’s financial ties to crypto-linked backers and businesses, as UK lawmakers and regulators pay closer attention to the role of digital asset money in politics.

The development comes a month after the UK Liberal Democrats called on the Financial Conduct Authority to investigate whether Farage breached market rules by appearing in a promotional video for Stack BTC while holding a financial stake in the company.

Farage previously disclosed a $286,000 equity investment in the company after acquiring a 6.31% stake through his media vehicle Thorn In The Side in March.

Related: Revolut among 4 companies chosen to test stablecoins in UK sandbox

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