According to The Sun, Man City's shirt sponsor OKX has been fined £381 million in the US for violating anti-money laundering regulations. Industry figures are questioning why Man City has not terminated its relationship with OKX.

OKX, founded by Chinese billionaire Star Xu, has faced multiple scandals globally in recent years. Last year, OKX was fined $504 million (approximately £381 million) in the US for violating anti-money laundering rules. A New York court ruled that OKX "facilitated over $5 billion in suspicious transactions and proceeds from crime".

OKX's European subsidiary was also fined in Malta last year for violating anti-money laundering and counter-terrorism financing regulations. The Al-Qassam Brigades, the military wing of Hamas, had previously encouraged supporters to use OKX.

OKX became Man City's official cryptocurrency partner in 2022 and signed a deal worth £55 million the following year. Previously, OKX faced numerous disputes over platform changes and liquidation issues, with users complaining of significant losses. Investigations have been conducted in countries including China, South Korea, Thailand, and the Netherlands. OKX also paid over £700,000 for illegal activity in Canada.

In 2022, Star Xu was detained for a week in Shanghai over fraud allegations from investors. Man City has been found guilty of dozens of financial violations, including fraudulent sponsorship agreements. Man City will display the OKX logo on their sleeve when they face Liverpool on Sunday.

An industry source said: "Given how closely Man City's sponsorship deals are being scrutinized, why hasn't the club terminated the relationship? It's hard to believe the club continues to work with OKX, knowing it's a cryptocurrency exchange backed by terrorists and criminals."

Man City is appealing the Premier League's ruling and denies any wrongdoing. The club stated that it maintains a long-term partnership with OKX and conducts appropriate "due diligence". OKX declined to comment.

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