Crypto.com Backs off from a $495 Million Sponsorship
Join Our Telegram channel to stay up to date on breaking news coverage One of the biggest cryptocurrency exchanges Crypto.com has backed out from a sponsorship deal with the Union of European Football Associations Champion League. The deal was supposed to run for five seasons, costing the crypto exchange $99 million a year, bringing the total deal value to $495 million. Concerns regarding crypto regulations have been cited as the reason for the deal to be terminated. The exchange’s licensing arrangements in the United Kingdom, Italy, and France didn’t allow them to carry the deal forward. Had the deal been signed, the exchange would’ve received promotional branding for five years, estimated to be live until 2027. Crypto.com introduced them as a sponsor after the Champions League decided to drop sponsorship from Gazprom, a energy firm owned by the Russian state. The Russian invasion of Ukraine along with parts of Europe abandoning the supply of oil and gas fro...