Trouble mounts for Man City as major sponsor hit with massive fine

Manchester City's troubles continue to mount after it was revealed that one of the club's key sponsors, Chinese firm OKX, has been fined nearly £400m by US authorities over anti-money laundering violations, according to The Sun. The cryptocurrency exchange, which has partnered with the Premier League champions since 2022, was hit with a $504m penalty after a New York court found that the platform facilitated more than $5bn in transactions linked to suspicious funds and criminal proceeds.

OKX, operated by Chinese billionaire Mingxing "Star" Xu, has been subject to multiple investigations and sanctions worldwide. The firm's European subsidiary was previously fined in Malta for anti-money laundering and terrorist financing breaches, while Canadian authorities imposed a separate penalty for unlawful operations. The platform has also been linked to illicit financial dealings carried out by various criminal syndicates.

Despite the controversies, Manchester City continue to maintain their £55m partnership with the company, whose branding remains prominently displayed on the club's training kit and sleeve sponsorships. In light of the massive sanctions against the crypto exchange and City's ongoing scrutiny over alleged Premier League financial rule breaches, questions are now being raised across the football world as to why the club has not severed ties with the sponsor.

Manchester City have stated that their relationship with OKX is long-standing and that the club consistently carries out "appropriate due diligence" on all commercial partners. The company itself has so far declined to comment on the matter. Meanwhile, City continue to contest charges brought by an independent commission regarding alleged financial rule breaches, where the champions face severe potential sanctions if found guilty—ranging from substantial fines and points deductions to possible relegation to the Championship.