UK FCA warns Premier League clubs over unauthorized crypto sponsors

The Financial Conduct Authority has told football clubs, including Premier League teams, to steer clear of sponsorship deals with unauthorized financial firms after warning that some crypto and trading brands are using club partnerships to reach supporters. For high-risk PSPs, the message is simple: if a brand is not authorized in the UK, football exposure does not make the compliance problem go away.

1. In a Wednesday press release, the FCA said several unauthorized firms, including crypto businesses and online trading platforms, are using football sponsorships to target “unwitting” supporters. The regulator said fans using those services “risk losing all their money.”
2. The FCA said it had written directly to football clubs, warning that sponsorship deals with unauthorized financial firms can expose clubs to legal liability, money laundering risks, and serious reputational damage if they do not carry out adequate checks on partners. It also said it expects every UK club to conduct proper, ongoing due diligence on financial services sponsors.
3. The warning lands as crypto and trading brands have expanded across top-flight football. LAK3 Company sponsored Wolverhampton Wanderers in the 2024-25 season, and the FCA’s Warning List includes unauthorized firms of that sort. BingX and OKX, which have partnered with Chelsea and Manchester City, are not on the FCA’s Warning List, but the Financial Times reported that they do not appear on the FCA register of authorized firms.
4. In its notice, the FCA said any firm not authorized in the UK can only promote financial products or services to consumers if its adverts are signed off by an authorized firm under the financial promotions regime. The regulator said it will take action where concerns have already been identified.
5. Crypto marketing has been under FCA oversight since October 2023, when the regulator brought it into its financial promotions regime and issued 146 alerts.

A spokesperson from BingX told Cointelegraph that the company has “registered or obtained the applicable regulatory approvals to operate in countries where it provides its services.” The FCA did not respond to a request for comment by publication.