European clubs face growing reliance on crypto sponsors as regulatory flags rise

A growing number of Premier League teams are entering sponsorship agreements with cryptocurrency and online trading firms that operate outside UK and EU regulatory oversight, according to an analysis carried out by Investigate Europe and shared by The Observer.

The trend follows the phaseout of front-of-shirt bookmaker logos beginning next season, prompting clubs to explore new commercial categories.

Investigate Europe identified 53 active partnerships between crypto or trading platforms and European football clubs for the current campaign. More than a third of clubs across the top leagues in England, Germany, Italy, Spain, and France have agreements in place for 2025/26. In the Premier League, the proportion is about 70%.

Industry analysts note that football clubs remain attractive commercial partners for crypto and trading firms seeking to widen their visibility. As law firm Walker Morris noted earlier this year, “We’re seeing clubs and other rights-holders becoming increasingly inventive in how they look to maximise their commercial revenue.”

Regulatory warnings and risk exposure

Some partners are regulated entities that restrict access in markets where they lack approval. Others, however, have been flagged by financial authorities.

Newcastle United is entering a second season with VT Markets as its “Financial Trading Partner.” The Australian firm, which provides forex and commodities trading, appears on the UK Financial Conduct Authority’s (FCA) warning list and does not hold a domestic license. Visitors attempting to register from the UK are informed that the platform is covered only by South African authorities and that account openings occur at users’ “own discretion and initiative.”

The FCA stated: “A simple disclaimer about the lack of consumer protections [doesn't] absolve the firm of all responsibilities. If they are promoting or offering regulated products or services without the necessary permissions, then they could be in breach, and we may take action against them.”

Similarly, OKX, a Seychelles-registered exchange and Manchester City’s official crypto partner, is not registered with the FCA but makes several products available in the UK. Earlier this year, OKX was fined more than $500 million in the US for violations of anti-money laundering laws.

Activity across Europe

Partnerships with unregulated or partially regulated firms also appear in Italy and Spain. In Serie A, seven clubs have signed sponsorships with 11 crypto and trading brands. Inter has agreements with Gate.io and Ultima Markets, the latter not regulated in the EU. Atlético Madrid works with Hong Kong-based Hantec Markets, which similarly lacks an EU license.

Several clubs have already ended agreements following compliance or payment issues, including Sporting Lisbon’s termination of Bitci and Atlético’s legal action against WhaleFin. Leeds United ended its partnership with FXVC after the FCA revoked the firm’s license.

SportQuake reported that crypto firms invested $565 million globally in sports sponsorships last season, with football accounting for 59%. Trading brands reached $183 million, more than triple their 2019 level.

Experts warn that many consumers may lack sufficient financial literacy and call for clearer regulation and club-level responsibility when selecting sponsors.