The FCA has urged clubs to rethink deals with unauthorized crypto and trading sponsors, warning that fans risk losing all their money and teams face legal and reputational fallout.
Update (June 3, 1 pm, UTC): This article has been updated to include a comment from a spokesperson at BingX.
The United Kingdom's financial regulator has warned football clubs, including those in the Premier League, to avoid sponsorship deals with unauthorized financial companies amid concerns that fans are being pushed toward risky crypto and trading platforms with no protections.
In a Wednesday press release, the Financial Conduct Authority (FCA) said several unauthorized firms, including crypto businesses and online trading platforms, are using football sponsorships to target “unwitting” supporters.
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