Cryptocurrencies have made a big-time entry into the arena of global sporting events, but it has not been completely smooth. In the past, FC Barcelona dismissed a partnership with NFT marketplace Ownix for their association with an arrested crypto tycoon who played a key role in Ownix. Similarly, Spanish authorities have sent a warning to soccer star Andres Iniesta for promoting Binance without any warning about these risks. Around the same time, English Premier League club Manchester City also canceled a deal with a cryptocurrency firm. Taking concerns to the next level, the English Premier League is now looking into crypto firms that play a role in the soccer league.
The move from Engish Premier League comes at a time when crypto firms are facing regulatory pressure to deal with financial and cybercriminals. English Premier League is among the most expensive and successful sporting leagues in the world, not only in soccer. Billions of dollars go into this tournament, and any face loss will have severe implications for tournament management. Some clubs have backed out on their own, giving the management an additional reason to look into the matter themselves.
Cryptocurrency has played a key role in reviving sports and sporting events over the last few months. Crypto exchanges have partnered with almost all major tournaments, being the main sponsor in some. However, if these firms engage in illegal activities, it might be a big blow for the entire crypto community.