Manchester City’s OKX partnership under scrutiny after £400m US fine

Manchester City will wear OKX branding when they face Liverpool on Sunday, despite the cryptocurrency company being fined £400m by United States authorities over allegations linked to money laundering.

According to The Sun, a New York court found that OKX had enabled suspicious transactions and processed proceeds connected to criminal activity worth more than $5bn. The company is led by Chinese billionaire Mingxing “Star” Xu.

The ruling adds to a series of regulatory problems faced by OKX in recent years. The company was fined a further £381m last year for breaches of anti-money-laundering rules.

OKX’s Malta operation was also fined last year after breaching legislation covering money laundering and the prevention of terrorist financing. Those cases have increased scrutiny of the company and its activities in the cryptocurrency market.

Manchester City’s relationship with OKX has continued despite the latest development. The company became the club’s official cryptocurrency partner in 2022, before the two parties agreed a sponsorship deal worth £55m the following year.

The latest fine has prompted questions over whether the partnership will continue. One source told The Sun: “Why has City not cut ties, especially with their sponsorship under this level of scrutiny?”

The source described the decision to maintain the relationship as surprising.

Manchester City, however, has confirmed that its association with OKX remains in place. The club said it always carries out the “relevant checks” before entering into arrangements with its commercial partners.

The situation comes as Manchester City continues its appeal against the verdict in the Premier League’s financial breaches case. The club denies any wrongdoing.

OKX’s branding will therefore remain visible on Manchester City’s shirt for Sunday’s meeting with Liverpool, while the company faces renewed attention over its regulatory record and dealings in the cryptocurrency sector.