Premier League clubs face potential enforcement action from the FCA after the regulator flagged sponsorship ties with unauthorised crypto firms. In a letter to men’s clubs, FCA chief Fiona Mackinnon‑Miller warned that accepting money from firms not licensed to operate in Britain could expose clubs to legal liability and money‑laundering risks.

The letter cites examples such as Chelsea’s extended deal with exchange BingX, Manchester City’s shirtsleeve sponsor OKX, and Newcastle United’s partnership with VT Markets. All three firms sit on the FCA’s warning list, raising concerns that their sponsorship could legitimize unlawful trading operations.

Mackinnon‑Miller warned that sponsorships could "conferring legitimacy on these firms" and expose fans to harm. She urged clubs to verify the source of funds and consider reputational damage, noting that money from unauthorised firms may constitute criminal property.

The FCA’s move follows a February government announcement that Premier League teams will bar unlicensed gambling sponsors from shirt fronts next season. Clubs denied comment, but the regulator stressed it will act where necessary, warning that legal liability, money‑laundering exposure, and reputational harm could cost clubs billions today.