UK FCA warns soccer clubs over unauthorized crypto sponsorship deals

The UK's financial watchdog has warned soccer clubs, including those in the Premier League, about "questionable sponsorship deals" involving unauthorized crypto companies. In a Wednesday press release shared with The Block, the Financial Conduct Authority said it had sent a letter to soccer clubs, cautioning them against exposing fans to financial risks through sponsorship deals with crypto firms that aren't allowed to operate in the country. The FCA noted that several unauthorized crypto and trading platforms have targeted "unwitting football fans" through sponsorships with sports clubs. Apparently, putting a logo on a sleeve is now a regulatory event. "Millions of football fans trust their club's badge," Lucy Castledine, director of consumer investments at the FCA, said in the press release. "Clubs should not let unauthorized financial firms exploit that loyalty by putting potentially dodgy products in front of millions of fans." In the letter, Fiona Mackinnon-Miller, head of the FCA department overseeing scams, promotions, and consumer investments, instructed clubs to ensure they understand the source of sponsorship funds and assess whether such arrangements could expose them to financial crime risks or reputational damage. The regulator did not name the specific clubs or deals it flagged as risky. The letter also warned that funds received from unauthorized firms could potentially constitute criminal property under the UK's Proceeds of Crime Act. "Where the FCA has already identified concerns, it has spoken directly to the club. Where action is needed, the FCA will take it," the agency said, adding that it has engaged with the government and partners, including the Premier League and the Independent Football Regulator, to address the issue across the sport. Several global crypto firms have inked sponsorship deals with major UK soccer clubs in recent years. Crypto exchange OKX has partnered with Manchester City on a shirt-sleeve sponsorship deal, while BingX is a sponsor of Chelsea. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures . © 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.