FCA Warns Football Clubs Over Sponsorship Deals With Unauthorized Crypto and Trading Firms

The UK's Financial Conduct Authority (FCA) has warned football clubs against entering sponsorship agreements with unauthorized cryptocurrency exchanges and trading platforms, saying some firms appear to be operating unlawfully and could expose fans to significant financial risks.

In a press release published on June 3, the regulator said it had identified a growing number of sponsorship arrangements between football clubs and unauthorized financial services firms, including crypto businesses. The FCA said these partnerships could give legitimacy to firms that are not permitted to provide financial services in the UK while helping them reach large audiences through football sponsorships.

The regulator confirmed it had written directly to football clubs, primarily those in the Premier League, to highlight its concerns and remind clubs of their responsibilities when partnering with financial firms.

Lucy Castledine, director of consumer investments at the FCA, said football clubs should not allow unauthorized firms to exploit supporters' trust.

The FCA said consumers who use unauthorized firms could lose all of their money and may have limited protections if problems arise.

FCA Letter Raises Legal and Financial Crime Concerns

Alongside the press release, the FCA published a letter to football clubs outlining the regulator's concerns in greater detail.

The letter states that the FCA has observed an increase in partnerships between clubs and firms operating cryptocurrency exchanges or trading platforms without FCA authorization. According to the regulator, some of these firms appear to be providing regulated financial services without authorization or issuing financial promotions that have not been approved as required under UK law.

The FCA said both activities are criminal offenses under the Financial Services and Markets Act 2000 (FSMA).

The regulator also raised financial crime concerns, warning that sponsorship payments received from unauthorized firms could potentially constitute criminal property under the Proceeds of Crime Act 2002 if linked to unlawful regulated activities or unauthorized financial promotions. This could expose clubs to legal, operational, and reputational risks.

The FCA urged clubs to conduct due diligence before signing sponsorship agreements with financial services firms and to continue monitoring sponsors throughout the relationship. The regulator said clubs should verify whether a firm is authorized, assess whether its products or services fall within the UK's regulatory framework, and review controls designed to prevent UK consumers from accessing services where necessary.

The letter also advised clubs to check the FCA Firm Checker and Warning List and seek independent legal advice where a sponsor's regulatory status is unclear.

The regulator further warned that football clubs could themselves breach financial promotion rules if their own marketing materials promote a sponsor's financial products or services without the required approvals.

The FCA said it is actively monitoring sponsorship arrangements involving unauthorized firms and has already engaged with the Premier League on the issue. The regulator added that it is also working with the UK government and the proposed Independent Football Regulator to address risks associated with financial services sponsorships across the sport.

Sports Minister Stephanie Peacock supported the FCA's position, saying football fans deserve confidence that companies associated with their clubs are “responsible, accountable and safe to use.”

Previous Crypto Sponsorship Deals Have Faced Regulatory and Fan Scrutiny

The FCA's warning follows several years of partnerships between football clubs and cryptocurrency companies, some of which have attracted criticism from regulators, supporters, and consumer advocates.

One of the highest-profile cases involved Arsenal's partnership with fan token crypto platform Socios. In December 2021, the Advertising Standards Authority (ASA) banned two Arsenal advertisements promoting the club's fan token. The regulator said the ads failed to adequately explain investment risks and did not make clear that consumers would need to purchase cryptocurrency before acquiring the token.

The ASA said the promotions "trivialised investment in cryptoassets" and took advantage of consumers' limited understanding of cryptocurrency products. Arsenal was ordered not to display the advertisements again in their original form.

Fan tokens became a major sponsorship category during the 2021 crypto bull market. Through partnerships with Socios and other providers, several clubs offered tokens that allowed supporters to participate in polls, access rewards, and engage with clubs through digital platforms.

The products also drew criticism from supporter groups. The Football Supporters' Association repeatedly argued that fan tokens risked turning fan engagement into a speculative investment product. In 2020, West Ham United ended a planned partnership with Socios after opposition from supporters, who objected to paying for access to fan-voting initiatives.

Some clubs also faced questions about their choice of crypto partners. In November 2021, Manchester City suspended a newly announced partnership with cryptocurrency startup 3Key Technologies days after the deal was unveiled. The club said it was conducting further inquiries after media reports raised concerns about the company.

Wolverhampton Wanderers encountered difficulties with crypto platform Bitci.com. The club announced a sponsorship agreement with the Turkish company in 2021 that included plans for an official Wolves fan token. However, the token was never launched, and subsequent reports indicated the project had been abandoned.

Several Premier League Clubs Maintain Crypto and Trading Sponsorship Deals

The FCA's latest warning comes as cryptocurrency exchanges and trading platforms remain active sponsors in English football.

Manchester City has an ongoing partnership with crypto exchange OKX, which became the club's official sleeve sponsor in 2023 as part of an expanded commercial agreement.

Chelsea also maintains a sponsorship agreement with crypto exchange BingX. In April 2026, the club extended the partnership and expanded BingX's branding presence across the men's team.

Newcastle United's front-of-shirt sponsor is online trading platform VT Markets. The FCA added VT Markets to its Warning List in 2023, stating that the firm may be providing or promoting financial services in the UK without the required authorization.