Another blow for Manchester City: sponsor OKX fined $504 million in the US
Crypto exchange OKX, a Manchester City partner since 2022, has been fined $504 million for breaching anti-money laundering rules. The club, however, is keeping its deal with the sponsor.
Manchester City’s problems are spilling off the pitch. According to The Sun, US authorities have fined the club’s sponsor OKX $504 million (nearly £400 million) after a New York court found that more than $5 billion linked to suspicious funds and criminal proceeds passed through the platform. The company, run by Chinese billionaire Mingxing “Star” Xu, has also been sanctioned in Malta and Canada.
Even so, City is keeping its deal worth around £55 million, and the OKX logo stays on the kit sleeve. The club says it always carries out “appropriate due diligence” on its partners.
The scandal comes at an awkward time, as the Citizens are appealing the ruling that they broke Premier League financial rules. If the verdict is upheld, they face a fine, a points deduction or even relegation.
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