According to The Sun, Manchester City's main sponsor OKX has been fined £381 million in the United States for violating anti-money laundering regulations. Industry experts are questioning why Manchester City has not ended its partnership with OKX.

OKX, founded by Chinese billionaire Star Xu, has been involved in various global scandals in recent years. Last year, OKX was fined $504 million (approximately £381 million) in the US for violating anti-money laundering regulations. A New York court stated that OKX "facilitated over $5 billion in suspicious transactions and proceeds of crime."

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

OKX became Manchester City's official cryptocurrency partner in 2022, signing a deal worth £55 million the following year. Previously, OKX faced several disputes related to rebranding and liquidation, with users reporting significant losses. Countries including China, South Korea, Thailand, and the Netherlands have launched investigations, and OKX also paid over £700,000 for operating illegally in Canada.

In 2022, Star Xu was placed under house arrest in Shanghai for a week after investors accused him of fraud. Manchester City was found guilty of dozens of financial violations, including "false" sponsorship agreements. Manchester City will display the OKX logo on their shirt sleeves when they play against Liverpool on Sunday.

A football industry expert stated: "Manchester City's sponsorship agreements are under strict scrutiny—why has the club not terminated its partnership? It is incredible that the club continues to partner with OKX, knowing it is a cryptocurrency exchange promoted by terrorists and criminals."

Manchester City has appealed the Premier League's decision and denies any wrongdoing. The club states it has a long-term partnership with OKX and always conducts "appropriate due diligence." OKX declined to comment.

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