The Financial Conduct Authority (FCA) of the UK issued a formal warning to football clubs, including those in the Premier League, urging them not to expose their fans to financial risks through sponsorship deals with crypto firms unauthorized to operate in the country.
In a letter sent to the clubs, the FCA noted that several unauthorized crypto and trading platforms have been targeting unsuspecting supporters through sponsorship agreements with sports teams.
Lucy Castledine, the FCA’s director of consumer investments, stated that “millions of football fans trust their club’s badge” and that clubs should not allow unauthorized firms to exploit that loyalty to offer “potentially questionable products.” The letter also warned that funds received from firms without authorization could constitute criminal property under the UK’s Proceeds of Crime Act.
The FCA did not specify which clubs or deals were identified as risky, although it clarified that where irregularities had already been detected, it contacted those involved directly. The regulator also indicated that it is working alongside the government, the Premier League, and the Independent Football Regulator to address the situation in a systemic manner. Among the active deals in the UK are the sponsorship of OKX with Manchester City and that of BingX with Chelsea.
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