Sponsor's dirty billions! Manchester City partner fined £400 million for money laundering

Another major scandal has rocked the English powerhouse's circle following a record fine imposed on its key commercial partner.

Details: Manchester City's official sponsor, cryptocurrency exchange OKX, has been fined nearly £400 million by regulators for systematic breaches of anti-money-laundering laws. The British tabloid The Sun reports this.

According to the investigation, the financial platform facilitated suspicious transactions and helped launder illicit proceeds worth an astronomical sum exceeding five billion dollars. Regulators uncovered egregious failures in customer-screening protocols, along with the deliberate disregard of suspicious transactions.

The incident has put the City hierarchy in an extremely awkward position, prompting understandable questions from the wider sporting community. The Manchester club's lawyers are currently assessing the reputational risks and considering the possibility of terminating the contract with the crypto exchange ahead of schedule.

It is worth noting that the partnership agreement between Manchester City and OKX was signed in 2022 and brought the club tens of millions of pounds for the brand's placement on training kits. However, the new allegations have dealt a devastating blow to the investor's image.

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