New setback for City: multi-million-pound partnership in jeopardy

Manchester City will wear a shirt bearing the logo of cryptocurrency company OKX for Sunday's highly anticipated clash with Liverpool, despite the firm being hit with a huge fine from US authorities over money laundering accusations.

According to The Sun, the United States imposed a £400 million fine on OKX after a New York court concluded that the platform facilitated suspicious transactions and proceeds linked to crimes worth more than $5 billion.

Chinese billionaire Mingxing "Star" Xu leads the company, which has run into several crises and regulatory issues across various countries in recent years.

Last year brought another fine, this one totalling £381 million, for violations linked to anti-money laundering laws.

OKX's branch in Malta was also fined last year for breaching anti-money laundering laws and regulations on countering the financing of terrorism. The penalties ramped up the scrutiny surrounding the company and its activities in the cryptocurrency market.

None of this has disrupted the relationship between OKX and Manchester City. The firm became the club's official cryptocurrency partner in 2022, before the two parties signed a £55 million sponsorship agreement the following year.

The new fine has raised fresh questions over the partnership. "Why hasn't City cut off the relationship, especially with its sponsorship under this much scrutiny?" a source told The Sun, calling the continued link between the two parties a surprise.

City, for their part, confirmed the relationship with OKX will continue, pointing out that they always carry out "the relevant checks" before dealing with their partners.

The club are also pressing on with their appeal against the ruling issued against them in the case of financial violations in the Premier League, while denying any wrongdoing.