cancels its Uefa Champions League sponsorship

Concerns over tighter cryptocurrency regulation are claimed to have caused the arrangement

worth £428 million over five seasons, to collapse at the "last minute.

After Uefa terminated ties with the Russian energy supplier over the conflict in Ukraine

the cryptocurrency trading site was slated to take over for Gazprom.

The worries are believed to be related to conceivable legal trading limitations.

With more and more football sponsorship deals being completed, digital assets have emerged

from the economic margins and into the mainstream during the last few years.

With trading site WhaleFin, Chelsea and Atletico Madrid also inked contracts

Football history was established by Spanish striker David Barral last year when he

transferred from Real Madrid to DUX International de Madrid and used Bitcoin to pay for it.

Uefa claims that the bitcoin industry has assisted clubs in filling in some of the missing

revenue sources as a result of the pandemic. 

However, detractors claim there are worries about the cryptocurrency market's

volatility, specifically that the rapidly falling value of tokens may expose users to debt.