Clubs warned over crypto sponsorship

The chief UK financial regulator has warned Premier League football clubs they could face legal action over “questionable sponsorship deals” with crypto companies that are not authorised to operate in Britain. The Financial Conduct Authority has written a letter to Premier League men’s clubs stating they risk enforcement action by taking sponsorship money from crypto and trading companies that are not permitted to offer services in the UK.

Crypto companies have become prolific sponsors of top-tier teams in recent years as they seek to tap into the millions of football supporters and encourage them to trade digital tokens. The FCA said it had seen “an increase in football club partnerships with unauthorised firms, some of which appear to be operating unlawfully”.

In the letter, Fiona Mackinnon-Miller, head of the FCA department overseeing scams, promotions and consumer investments, warned that such deals “risk conferring legitimacy on these firms and may expose UK consumers to harm”. The FCA declined to identify specific clubs or sponsorship deals that it is focused on.

In April, Chelsea extended its sponsorship agreement with crypto exchange BingX. Manchester City has a shirtsleeve sponsorship deal with OKX, another crypto exchange. BingX and OKX are not on the FCA register of authorised firms. Newcastle United has a partnership with trading company VT Markets, which offers foreign exchange and commodities trading. VT Markets has been on the FCA’s warning list of unauthorised firms since 2023.

Crypto group LAK3 Company sponsored Wolverhampton Wanderers in the 2024-25 season. LAK3 is on the FCA’s warning list. Wolves were relegated from the Premier League at the end of the 2025-26 season.

Money received “from an unauthorised firm may . . . constitute criminal property” and clubs “should ensure they understand the source of any sponsorship funds and consider whether their arrangements could expose them to financial crime risk and reputational damage”, Mackinnon-Miller wrote in her letter. The FCA reminded clubs of their “responsibilities to fans” and warned that sponsorship deals with unauthorised financial services firms “potentially expose clubs to legal liability, money laundering risks and serious reputational damage”. It added: “Where action is needed, the FCA will take it.”

The FCA has written to Premier League clubs which it has specific concerns about. It has also written to the Premier League, which runs the competition, about its concerns with crypto sponsorship. The FCA’s intervention comes after the government said in February that Premier League clubs could be banned from accepting sponsorship from gambling companies that lack a UK licence. From the 2026-27 season, clubs have agreed to no longer feature gambling brands on the front of their shirts.

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The Political Economy of Football V2

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