Two major football clubs have suspended their partnerships with cryptocurrency companies after concerns of their legitimacy.
English Premier League club, Manchester City, have suspended their partnership with cryptocurrency company, 3Key after legitimacy concerns arose.
The deal was secured on 11 November, 2021, after 3Key founder, Oliver Chen, promised the partnership would be available in regions outside of the UK.
After further investigation, the company website was found to have no contact details, office locations or even a postal address, which heightened suspicion of 3Key’s legitimacy.
A Manchester City spokesperson said: “Prompted by the club’s interactions with 3Key Technologies in recent days, Manchester City is now conducting further enquiries regarding 3Key Technologies and the partnership has been suspended pending satisfactory resolution to all of those inquiries.”
Manchester City have decided not to launch any products or deals with the company until further details can be obtained, which ensure the legitimacy of 3Key.
“Manchester City’s partnership with 3Key Technologies has been announced but has not been activated in respect of any specific products or services in any part of the world,” the spokesperson said.
On 16 November, two websites associated with 3Key disappeared online, promoting further suspicion of the validity of the company.
However, Manchester City are not the only football club to suspend a cryptocurrency partnership.
Spanish top-flight LaLiga club, Barcelona Football Club, have terminated their partnership with Ownix after the founder was arrested due to his association with fraudulent cryptocurrency schemes.
Barcelona announced the decision in a statement: “In light of information received today that goes against the Club’s values, FC Barcelona hereby communicate the cancellation of the contract to create and market NFT digital assets with Ownix with immediate effect.”
The original deal was released earlier in November, with the suspension occurring only days before Barcelona FC NFT’s were to be released.
The club has yet to release any more details.
