UK FCA Warns Premier League Clubs Over Unauthorized Crypto Sponsorships

The UK's Financial Conduct Authority has sent letters to football clubs, including those in the Premier League, warning that their sponsorship deals with unauthorized crypto businesses and trading platforms could breach financial services laws and put fans at risk. The FCA confirmed on 3rd June that it wrote directly to Premier League clubs and other football organizations about sponsorship agreements involving unauthorized crypto firms, noting that some companies may use football partnerships to gain credibility and attract customers despite lacking proper authorization to offer financial services in the UK.

Fiona Mackinnon-Miller, the FCA's Head of Department for Scams, Promotions, Engagement & Perimeter, warned that the regulator has "seen an increase in football club partnerships with unauthorised firms, some of which appear to be operating unlawfully." She added that the identified firms appear to be providing regulated services without authorization and making unauthorized financial promotions — both criminal offences that expose clubs to "legal, operational and reputational risk." Lucy Castledine, the FCA's director of consumer investments, doubled down on the message. "Millions of football fans trust their club's badge," she said, adding that clubs "should not let unauthorised financial firms exploit that loyalty by putting potentially dodgy products in front of millions of fans." Castledine also stressed that sponsorship visibility says nothing about regulatory standing: "A logo on a shirt means one thing: that firm paid for it," she said, pointing fans toward the regulator's Firm Checker tool before buying any financial product.

The most prominent crypto sponsorship deals in the Premier League to date are OKX's logo 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, registered through parent company Payward. OKX is not — though companies not on the FCA's crypto register can still advertise in the UK if their marketing material is signed off by an authorized firm. Neither Manchester City nor OKX had responded to a request for comment by publication time.

UK Sports Minister Stephanie Peacock backed the FCA's position, stating: "Sponsorship deals play a vital part in sustaining our football pyramid, but fans deserve to know that the companies associated with their clubs are responsible, accountable and safe to use." The FCA warned that fans using unauthorized crypto firms risk losing their money and may not have access to regulatory protections if problems arise — concerns regulators continue to examine in the wake of the FTX collapse.

The scrutiny arrives as sponsorship deals become increasingly vital to club finances. Commercial revenue has overtaken broadcasting as the primary income source for top teams, with Manchester City generating $475 million (£353 million) in 2025 compared to $386 million (£287 million) from broadcast rights, according to Deloitte. This revenue shift has made clubs attractive targets for crypto firms seeking mainstream visibility through sports marketing partnerships — and, critics argue, some unauthorized firms are using high-profile sponsorships to gain that visibility before proving they can meet regulatory standards.

The FCA said it is coordinating with the government, the Premier League, and the new Independent Football Regulator to address unauthorized financial services marketing across professional football. UK authorities have previously targeted crypto's involvement in soccer, with the House of Commons warning against clubs using fan tokens in 2023, citing risks from unregulated digital assets marketed to supporters. The FCA has also repeatedly cracked down on unlicensed crypto activities in the UK, including its recent participation in multi-agency raids on London premises suspected of illegal P2P crypto trading.