Reform UK leader Nigel Farage has resigned from the British Parliament.

Farage, who represents the constituency of Clacton, has stated that he would stand in for the by-election triggered by his resignation.

The resignation comes amidst scrutiny of Farage's finances over donations from a convicted fraudster.

Farage is facing a probe by Parliament's standards watchdog over a £5 million ($6.7 million) gift from a Thailand-based cryptocurrency billionaire. On Sunday an opposition politician asked the watchdog to open another investigation over donations from a convicted fraudster.

Nigel Farage is the leader of Reform UK, a far-right populist party that is widely seen as anti-immigration as well.

Farage is key ally of US President Donald Trump.

(With inputs from AP via PTI)