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.
It warned that such firms may be breaching UK financial services law by operating without authorization and that fans using them “risk losing all their money.”
The intervention puts scrutiny on the clubs themselves. The FCA said that it had written directly to football clubs, telling teams that sponsorship deals with unauthorized financial firms not only endanger fans but could also expose clubs to legal liability,
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