What to know : Premier League soccer clubs have been warned by the U.K.'s Financial Conduct Authority about sponsorship deals with unauthorized crypto firms. Clubs enabling such promotions could be exposed to legal liability, money laundering and reputational damage, the FCA said. OKX and Kraken are the two most prominent crypto companies to have sponsored Premier League Clubs, signing deals with Manchester City and Spurs, respectively.
Premier League soccer clubs have been warned by the U.K.'s Financial Conduct Authority (FCA) about sponsorship deals with unauthorized crypto firms.
The FCA said unauthorized firms could be breaching rules on financial promotions through the high-profile sponsorship deals.
Clubs enabling such promotions could be exposed to legal liability, money laundering and reputational damage, the FCA said. Companies not listed on the FCA's crypto register are allowed to advertise in the U.K. only if their marketing material is signed off by a company authorized to approve it.
"Millions of football fans trust their club’s badge," Lucy Castledine, director of consumer investments at the FCA, said. "Clubs should not let unauthorised financial firms exploit that loyalty by putting potentially dodgy products in front of millions of fans."
The most prominent crypto sponsorship deals in the Premier League to date have been OKX's logo appearing on the sleeves of Manchester City shirts, and Kraken occupying a similar berth on Tottenham Hotspur's.
Kraken is on the FCA's registry of authorized crypto firms (through parent company Payward). OKX is not.
The FCA said it has written directly to Premier League clubs to warn them about unauthorized crypto companies and remind them of their responsibilities to their fans.
Neither Manchester City nor OKX had responded to a request for comment by publication time.
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