UK Freezes Sorare Payment Amid Crypto Sponsorship Concerns

The UK's National Crime Agency (NCA) has frozen $13.5 million in funds belonging to Sorare, a crypto company that sponsors teams in the Premier League.

The funds were part of a four-year licensing agreement worth £120 million, with the initial payment being £10,024,041.33.

Sorare's deal with the Premier League allows it to create digital cards highlighting players from all 20 teams.

Regulators have raised concerns about crypto companies' involvement in sports sponsorships, citing potential links between these funds and alleged third-party criminality.

The NCA stated that the order is to prevent dissipation of the funds while they investigate any potential connections.