UK regulator warns football clubs over unauthorized crypto sponsorship deals

Odaily Planet Daily reports that the UK's Financial Conduct Authority (FCA) has sent letters to football clubs, including those in the Premier League, warning that sponsorship deals with unauthorized crypto firms and trading platforms may violate financial services laws and pose risks to fans. Fiona Mackinnon-Miller, Head of Department at the FCA, stated that there has been an increase in clubs partnering with unauthorized firms, some of which appear to be operating illegally.

Lucy Castledine, Director of Consumer Investments at the FCA, pointed out that these firms may be breaking UK law by offering services without the proper licenses. Sports Minister Stephanie Peacock voiced support for the FCA's actions. Additionally, the FCA stated that it is coordinating with the government, the Premier League, and the new independent football regulator to address unauthorized financial services marketing in professional football. (decrypt)