OKX's 471 million fine tarnishes Manchester City's institutional crisis

During Manchester City's training, the players wore the OKX logo when it became known that the cryptocurrency platform had been fined £400 million (€471 million) for violating anti‑money‑laundering laws in the United States. The sanction, revealed by The Sun, comes amid the club's wait for a possible historic penalty after being found guilty of 114 counts of financial irregularities between 2009‑10 and 2017‑18.

Details of the fine on OKX

A New York court imposed the fine on OKX, led by Chinese billionaire Mingxing “Star” Xu, after concluding that the company facilitated suspicious transactions and received crime‑linked revenue exceeding $5 billion. Additionally, the British tabloid reported that OKX has been subject to investigations in China, South Korea, Thailand and the Netherlands, and that it had already faced a sanction of more than £700 000 in Canada.

Implications for the club

Manchester City, which has had OKX as a sponsor on its training shirts since 2022, is preparing for its first match after the guilty verdict, against Liverpool at Anfield at 5:30 p.m. Former player and pundit Jamie Carragher warned that the possible sanction on City could “last years and years.”

Journalist Carl Recine, from Barcelona, noted that the fine on OKX adds another layer of institutional pressure on the club, which is already facing a delicate financial and reputational situation.