Premier League Teams Face FCA Scrutiny Over Crypto Partnership Agreements with Unlicensed Firms
Britain's financial watchdog has called on football clubs to reconsider partnerships with unlicensed cryptocurrency and trading sponsors, cautioning that supporters could lose their entire investments while clubs risk legal consequences and damage to their reputation.
Update (June 3, 1 pm, UTC): Additional commentary from a BingX spokesperson has been incorporated into this article.
Britain's top financial watchdog has issued a stark warning to football clubs, including Premier League teams, urging them to steer clear of sponsorship agreements with unlicensed financial enterprises as concerns mount that supporters are being directed toward high-risk cryptocurrency and trading platforms that offer no consumer safeguards.
According to a Wednesday press release from the Financial Conduct Authority (FCA), multiple unlicensed entities, including cryptocurrency companies and web-based trading platforms, are leveraging football sponsorships to reach "unwitting" fans.
The regulator cautioned that these entities may be violating UK financial services legislation by conducting business without proper authorization and that supporters who engage with them "risk losing all their money."
The regulatory action places football clubs themselves under the microscope. The FCA revealed that it had sent letters directly to football organizations, informing teams that sponsorship agreements with unlicensed financial entities not only put fans in danger but could also leave clubs vulnerable to legal consequences, money laundering threats, and substantial damage to their reputation if they neglect to perform adequate vetting of their partners.
The alert arrives as cryptocurrency and trading companies have broadened their footprint throughout elite-level football, providing consumer-focused platforms with significant visibility through club partnerships as the FCA intensifies its enforcement of financial advertising regulations.
The watchdog anticipates that every UK football club will perform thorough, continuous due diligence on sponsors offering financial services and indicated it will pursue action in cases where issues have already been detected.
Rise in crypto football sponsorship deals
While BingX and OKX, which have established partnerships with Chelsea and Manchester City respectively, are absent from the FCA's Warning List, the Financial Times reported that neither company appears on the FCA register listing authorized firms.
These partnerships have provided substantial shirt and stadium visibility to consumer-oriented trading platforms, even as the regulatory body has been tightening restrictions on high-risk promotional activities.
The FCA did not provide a response to a comment request by publication. However, in its official notice, the regulator emphasized that any organization lacking UK authorization can only advertise financial products or services to British consumers if their promotional materials are approved by an authorized firm operating under the financial promotions framework.
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."
Crypto marketing firmly under FCA oversight
The FCA previously incorporated cryptocurrency marketing into its financial promotions framework in October 2023, releasing 146 alerts within the initial 24 hours and initiating its first enforcement proceeding against international exchange HTX (previously known as Huobi) in February 2026 for purportedly unlawful crypto advertising directed at UK consumers.
This most recent action demonstrates unambiguously that football sponsorship deals are now squarely within the purview of the FCA's cryptocurrency marketing regulations. The regulatory authority stated it is collaborating with governmental bodies, the Premier League and the forthcoming Independent Football Regulator to address the concern throughout the sport.
The regulatory intervention also comes after a distinct warning issued by the Gambling Commission regarding gambling advertisements displayed on children's replica jerseys at four Premier League organizations, Bournemouth, Fulham, Newcastle, and Wolves, underscoring increasing regulatory concern about the methods by which high-risk products are marketed through football.
Cointelegraph reached out to Chelsea and Manchester City, as well as OKX, and LAK3 Company, for comment, but had not received a response at the time of publication.