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Monday, July 15, 2024
Law

Bank Fines Large Crypto Exchange with Sports Ties

  • Binance was given a $3.4 million fine by the Dutch central bank.
  • The crypto platform has deals with Serie A club Lazio and soccer star Cristiano Ronaldo.
Binance
Binance

Binance is the latest cryptocurrency platform with sports ties to hit a roadblock. 

The largest global crypto exchange, which has deals with Serie A club Lazio and soccer star Cristiano Ronaldo, was given a $3.4 million fine by the Dutch central bank for offering its services in the Netherlands without registration.

  • Lazio’s deal with Binance — the team’s main shirt sponsor — is reportedly worth around $34.8 million over two years with an option to expand for a third. 
  • Ronaldo’s multiyear deal with the platform offers a series of exclusive NFT collections.

The central bank, which reportedly has daily spot trading volumes of $15.5 billion, said the breach took place over a “prolonged period” from May 21, 2020, to at least Dec. 1, 2021. Binance was given a warning in August 2021. 

Crypto Mania

Binance is one of the few crypto exchanges to be hit with a fine, but joins other platforms in a growing list of crypto-related setbacks.

FTX, which paid $135 million for naming rights to the home of the Miami Heat last year, ended discussions for a jersey patch deal with the Los Angeles Angels. Coinbase, which became the NBA’s exclusive cryptocurrency platform and paid an estimated $14 million for a Super Bowl ad, laid off 1,100 employees in June.

The most notable may be NWSL’s deal with Voyager, which was set to give the league’s players a portion of the deal. Earlier this month, the company filed for bankruptcy.

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