The UK's FCA has warned Premier League and other football clubs about cryptocurrency sponsorship deals.

CoinFeed reported on June 3rd that, according to Reuters, the UK's Financial Conduct Authority (FCA) has warned Premier League and other football clubs that sponsorship agreements with unauthorized cryptocurrency companies and trading platforms could lead to legal liabilities, money laundering risks, and reputational damage. Lucy Castledine, the FCA's Head of Consumer Investments, stated that clubs should not allow unauthorized financial companies to exploit fan loyalty to promote problematic products. The FCA has contacted the relevant clubs and urged them to strengthen their oversight, while also reminding fans using unregulated companies that they face the risk of total financial loss and lack of regulatory protection.