FCA Warns Football Clubs Over Unlicensed Crypto Deals — and What It Means for Fans

The Financial Conduct Authority (FCA) has written to every football club in the UK warning them about partnerships with unauthorised cryptocurrency firms. The regulator says it has seen "an increase in football club partnerships with unauthorised firms, some of which appear to be operating unlawfully." This has immediate implications not just for the clubs, but for the millions of fans who see those shirt badges and stadium logos as a mark of legitimacy.

What the FCA Said

The FCA's letter, circulated in June 2026, singles out specific examples. Chelsea FC partnered with BingX and Manchester City with OKX — neither firm holds a UK crypto asset registration. The FCA warned clubs that such arrangements could expose them to legal liability, money laundering risks, and serious reputational damage.

This is not the FCA being heavy-handed. Any firm offering crypto asset services in the UK must be registered with the FCA under the Money Laundering Regulations. If they are not, they are operating illegally in this market. A Premier League shirt badge does not change that fact.

Why This Matters for Ordinary Investors

Sponsorship deals are a powerful form of implied endorsement. Research consistently shows that people associate brands with the clubs that carry them — especially for younger fans. When an unauthorised crypto firm's logo appears on a Premier League shirt, many fans assume the firm has passed some kind of regulatory check. It has not.

The FCA has long maintained a warning list of unauthorised firms. In June 2026 alone, the FCA warned about firms including JadeTrax (a clone of a legitimate FCA-authorised firm), Desirewealthmanagementltd.uk, and others impersonating registered businesses. Clone firm fraud cost UK investors over £78 million in 2024, and the problem is growing.

The Broader Crypto Regulatory Landscape

The UK has been building out its crypto regulation framework. As of 2026, crypto firms must register with the FCA and comply with anti-money laundering rules, but comprehensive regulation of crypto investment products is still being developed. The government has committed to legislating for a full crypto regulatory regime, but that will take time.

For comparison, the EU's Markets in Crypto-Assets (MiCA) regulation came into full effect across EU member states in late 2024, establishing licensing requirements for crypto exchanges and asset issuers. Australia is similarly developing a mandatory crypto exchange licence regime. The UK is still catching up, which is precisely why the FCA is using softer tools — like letters to football clubs — in the meantime.

How to Protect Yourself

If you are considering any crypto investment, follow these steps before you hand over any money:

1. Check the FCA register: Go to register.fca.org.uk and search for the firm by name. If they are not there, do not proceed.
2. Check the warning list: Visit fca.org.uk/consumers/warning-list-of-firms-to-avoid and search the firm's name and any associated website domains.
3. Ignore celebrity and club endorsements: A club or celebrity partnership tells you nothing about whether a firm is regulated or financially sound.
4. Be sceptical of high returns: Any platform promising guaranteed returns of 10%, 20%, or more is almost certainly a scam. The FCA's ScamSmart tool can help you assess whether an opportunity sounds legitimate.
5. Report suspicious firms: If you encounter an unauthorised firm, report it to Action Fraud and the FCA directly.

The Numbers

• UK crypto scam losses exceeded £300 million in 2024/25
• The FCA issued over 2,000 warnings about unauthorised firms in 2025
• Only a small fraction of crypto firms operating in the UK hold FCA registration

Sources

• FCA: crypto sponsorship warning (SportsPro)
• FCA news and warning list
• FCA: cryptoassets regulation
• EU MiCA regulation overview (ESMA)

Educational content only — not financial advice.