FCA warns Premier League clubs over unauthorized crypto sponsorships
In brief
- FCA warned Premier League clubs about sponsorships with unauthorized crypto firms
- Unauthorized crypto companies can only advertise if an authorized firm signs off
- OKX, on Manchester City shirts, is not registered on FCA's crypto register
- Kraken, on Tottenham shirts, is authorized through parent company Payward
FCA Targets Unauthorized Crypto Promotions
The FCA said unauthorized firms could be breaching rules on financial promotions through high-profile sponsorship deals. Under FCA rules, companies not listed on the FCA's crypto register are allowed to advertise in the UK only if their marketing material is signed off by an authorized company.
The enforcement focus highlights a gap between regulatory oversight and commercial reality. Clubs have signed multimillion-pound sponsorship agreements with crypto platforms, yet the FCA's registry doesn't capture all of them.
High-Profile Sponsorships Under Scrutiny
OKX's logo appears on the sleeves of Manchester City shirts as a sponsorship deal. OKX is not on the FCA's registry of authorized crypto firms. Meanwhile, Kraken occupies a similar sponsorship berth on Tottenham Hotspur's shirts. Unlike OKX, Kraken is on the FCA's registry of authorized crypto firms through parent company Payward.
The distinction matters. Clubs enabling such promotions could face legal liability, money laundering risks, and reputational damage, the FCA said.
Watchdog's Warning to Clubs
Millions of football fans trust their club's badge. Clubs should not let unauthorised financial firms exploit that loyalty by putting potentially dodgy products in front of millions of fans.
— Lucy Castledine, director of consumer investments at the FCA
The FCA wrote directly to Premier League clubs to warn them about unauthorized crypto companies and remind them of their responsibilities to fans. The move signals the regulator's intent to enforce financial promotion rules more aggressively in the sports sponsorship space, where brand association can mask compliance gaps.
Frequently asked questions
Why does it matter if a crypto firm is on the FCA's register?
Unauthorized firms can only advertise in the UK if their marketing material is signed off by an authorized company. If they don't meet this requirement, they're breaking financial promotion rules. Clubs that enable such promotions face legal liability and money laundering risks.
What's the FCA's concern with Premier League crypto sponsorships?
The FCA said unauthorized firms could be breaching financial promotion rules through high-profile sponsorship deals. Clubs enabling these promotions could be exposed to legal liability, money laundering risks, and reputational damage. The regulator wrote directly to clubs to remind them of their responsibilities to fans.
