FCA warns Premier League clubs to avoid partnering with unauthorized crypto companies

According to Reuters, the Financial Conduct Authority (FCA) in the UK has warned English Premier League clubs that partnering with unlicensed cryptocurrency companies may result in legal liability, money laundering risks, and reputational damage. FCA stated that these companies are suspected of violating financial promotion rules by reaching fans through football sponsorship. FCA Consumer Investment Director Lucy Castledine emphasized that clubs should protect fans from potential risks posed by unauthorized institutions. UK Sports Secretary Stephanie Peacock also called for ensuring the safety and compliance of partner companies.