Amidst regulatory woes, crypto exchange OKX has extended its partnership with Manchester City, by signing a 3-year deal reportedly worth more than $70 million.
With the new contract, OKX will become the club’s new official sleeve sponsor of Manchester City’s men’s and women’s first-team playing kits.
In March 2022, OKX made its first move into sports sponsorships when it was named Manchester City’s official cryptocurrency exchange partner.
Since then, the leading trading firm has broadened its clientele. Current high-profile relationships include those with the McLaren Formula 1 team, unsigned F1 driver Daniel Ricciardo, Olympic snowboarder Scotty James, and golfer Ian Poulter.
According to Forbes, OKX’s total annual spend on sports partnerships falls between $80 million and $100 million.
With regards to Man City, the illustrious football club, has a revenue of $815 million for the 2021–22 season, making it the fifth most valuable soccer team in the world at $4.99 billion.
The club achieved a “treble” in its most recent campaign, taking home victories in the Premier League, FA Cup, and UEFA Champions League.
Speaking on its latest deal, City Football Group CEO Ferran Soriano stated,
“We are very proud to have OKX represented on the sleeve of the Manchester City shirt. We have already seen great web3 experiences designed by OKX for Manchester City’s global fan base and there will be many more to come.”
The deal comes after the second-largest offshore bitcoin exchange experienced a string of setbacks on the regulatory front.
OKX Exit Japan And Canada
A few days back, OKX announced its decision to halt services for residents of Japan in response to what appears to be mounting regulatory pressure from Japan’s Financial Services Agency [FSA].
According to an email sent to users in the nation, the trading firm intends to cease operations in Canada by mid-2023.
The trading platform only stated that it moved because of “new regulations” in Canada without mentioning which regulations prompted the decision or where the regulatory procedure is in the process.
The shutdown, it stated in the email, is only temporary, and it is collaborating with regulators to find a solution to the problems brought on by the new regulations.