FCA warns Football clubs that sponsorship deals with unauthorised crypto and trading firms may breach UK law and expose them to FC, reputational risk and potential criminal liability under POCA

The FCA highlighted that some of these firms may be operating illegally by providing regulated services or making unauthorised financial promotions in breach of UK law, and that sponsorships can inadvertently legitimise these entities while promoting them to UK consumers. The regulator stressed that funds received from such firms could constitute criminal property under the Proceeds of Crime Act (POCA), creating potential financial crime risks for clubs. It urged football clubs to conduct robust due diligence, including checking the FCA Register and Warning List, verifying regulatory status…