'The fundraising drive, led by Stand Up 4 Brexit and Tory MP Mark Francois on the GoFundMe website, was cancelled at noon on Monday, with the money raised now being donated to the Help for Heroes military charity.
But Scram News reported that Help for Heroes are nonpolitical and could be inclined to refuse the money similar to how it declined a donation from the far-right organisation the English Defence League in 2013.
It is reported that the campaign did not approach Help for Heroes before making the commitment.
Francois has expressed disappointment that his campaign had failed but said he was still looking forward to celebrating on January 31st.
"The response from the British people has been fantastic and we are deeply grateful to everyone who donated," Francois said.
"However, having made final attempts over the last several days to persuade the House of Commons authorities that Big Ben should chime, we regret to report that we have been unsuccessful and therefore we feel we can no longer ask people to donate.
"We officially closed the fund at noon today."'