Key facts
- UK authorities froze $13.5 million in cash.
- The freeze is part of an investigation into Sorare.
- The probe reportedly concerns claims of unlicensed gambling.
- Sorare's sponsorship deal with the Premier League ended last season.
- The NCA stated the funds were frozen to prevent dissipation linked to alleged criminality.
The UK's National Crime Agency (NCA) has reportedly frozen approximately $13.5 million in cash as part of an investigation into Sorare, an online sports company known for its blockchain-based digital trading cards. The probe, according to The Sun, centers on allegations of unlicensed gambling.
A court order from Westminster Magistrates' Court in January 2025 authorized the freeze, which the NCA stated was intended to prevent the dissipation of funds potentially linked to third-party criminality. Sorare's significant four-year sponsorship deal with the Premier League, valued at $162 million, was terminated at the conclusion of the last season.
This action follows earlier warnings from the UK's Financial Conduct Authority (FCA) in June. The FCA had sent letters to Premier League clubs, cautioning them about sponsorship agreements with companies lacking authorization to operate in the UK, particularly those involved in cryptocurrency. Despite this, some Premier League clubs are set to feature crypto-related sponsors in the upcoming season, including Chelsea with stablecoin issuer Circle and Manchester City with the OKX exchange. However, the overall trend shows a decline in such deals globally since 2022, attributed to the market downturn and concerns about public association with the crypto industry.