Cryptocurrency exchange OKX, led by billionaire Mingxing “Star” Xu, has found itself at the center of multiple global scandals. Despite this, Manchester City has maintained its sponsorship ties with the platform.
Recently, OKX was fined $504 million (approximately €448.5 million) in the United States for violations of money laundering regulations. A New York court determined that the sponsor of Manchester City had “facilitated suspicious transactions and income from crimes exceeding $5 billion.”
Additionally, its European branch was penalized in Malta last year for breaching laws related to money laundering and terrorism financing. Reports indicate that Al-Qassam Brigades, the military wing of the terrorist group Hamas, had advised its supporters to utilize OKX.
Criticism Arises Over Club’s Continued Partnership
OKX became Manchester City’s sponsor in 2022, entering into a £55 million ($64.7 million) contract a year later. Despite the platform’s tarnished reputation, the club has not severed ties with OKX, which will still have its branding featured on the team’s jerseys during the upcoming derby against FC Liverpool.
A source from the football industry expressed to the British tabloid The Sun, “Why has City not ended this relationship, especially when their sponsorship is under such scrutiny? It is unbelievable that this club continues to knowingly partner with a cryptocurrency platform backed by terrorists and criminals.”
Manchester City Appeals Financial Violations Verdict
In addition to the issues with OKX, Manchester City is grappling with serious allegations of its own. The English Premier League champion has been repeatedly found guilty of breaching financial regulations between 2009 and 2018, facing potential relegation to the Championship.
Currently, the club has appealed the verdict issued by an independent commission that investigated its infractions, seeking to prove its innocence.
