UK regulatory body warns football clubs over unauthorised crypto sponsorship deals

Odaily Planet Daily News The UK Financial Conduct Authority (FCA) has sent letters to football clubs, including those in the Premier League, warning that sponsorship deals with unauthorised crypto firms and trading platforms may breach 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 collaborating with unauthorised firms, some of which appear to be operating illegally.

Lucy Castledine, Director of Consumer Investments at the FCA, noted that these firms may be breaking UK law by providing services without the proper licences. Sports Minister Stephanie Peacock expressed 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 the issue of unauthorised financial services marketing in professional football. (decrypt)