Crypto Opinions & News Crypto.com Pulls out of Uefa Champions League Deal

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https://www.bbc.com/news/technology-62764654

Crypto.com has pulled out of a sponsorship deal with Uefa for the Champions League, the BBC understands.

The agreement, worth £428m over five seasons, is said to have fallen through at the "last moment", amid concerns about increased crypto regulation. The cryptocurrency exchange site was set to replace Gazprom after Uefa severed links with the Russian energy provider over the war in Ukraine. The concerns are thought to relate to potential legal trading restrictions.

According to Uefa, the cryptocurrency sector has partly helped clubs to fill the revenue streams that were lost as a result of the pandemic. But critics say there are concerns about the volatility of the crypto market - particularly that the plummeting price of tokens can expose fans to potential debts. Despite these lucrative sponsorship deals, Bitcoin is down almost 70% from its historic November 2021 high, Ethereum is down more than 70%, and several crypto exchanges have laid off workers en masse.

Crypto.com pulls out of Uefa Champions League deal

The cryptocurrency exchange site had been lined up by Uefa to replace Gazprom as a sponsor.

www.bbc.com