UK NCA Freezes $13.5M in Sorare Gambling Probe
- The UK’s National Crime Agency (NCA) has frozen £10 million (approximately $13.5 million) linked to Sorare amid an investigation into unlicensed gambling.
- The funds were frozen following a January court order from Westminster magistrates’ court.
- Sorare previously signed a four-year, $162-million partnership with the Premier League, which ended after the last season.
- In June, the Financial Conduct Authority (FCA) alerted Premier League clubs about “questionable sponsorship deals” involving unauthorized companies, including those in crypto.
- Despite some clubs having crypto sponsors for the upcoming season, global sponsorship deals between sports teams and crypto firms have reportedly declined since last year.
The investigation by the NCA underscores regulatory scrutiny over gambling practices associated with crypto-related companies like Sorare, which operates digital trading cards on the blockchain.
As part of this probe, £10 million has been frozen to prevent dissipation while investigating potential criminal links related to these funds.(Source)
