The UK's Financial Conduct Authority has issued a stark warning to Premier League clubs about partnering with crypto firms that are not on its official register, saying such arrangements may breach financial promotion rules and expose teams to legal and reputational fallout.
While some high‑profile sponsorships, such as Kraken’s deal with Tottenham Hotspur, are already authorised by the regulator, others — most notably OKX’s partnership with Manchester City — remain unapproved, raising questions about the clubs’ due‑diligence processes.
What’s at stake for clubs?
Lucy Castledine, director of consumer investments at the FCA, told journalists that clubs must not allow unauthorised financial firms to exploit the trust of fans, emphasizing that the regulator has already reached out to league sides to remind them of their obligations.
The FCA’s guidance makes clear that any company not listed on its crypto register can only advertise in the UK if its marketing material is vetted and approved by an authorised entity, a requirement that many sponsors appear to have overlooked.
Neither Manchester City nor OKX responded to a request for comment before publication, underscoring the sensitivity of the issue and the growing scrutiny from both regulators and the public.