UK NCA Freezes $13.5M in Sorare Crypto Gambling Probe

The UK's National Crime Agency (NCA) has frozen approximately £10 million ($13.5 million) in cash under a January 2025 order from Westminster Magistrates' Court, according to a Monday report from The Sun. The freeze is connected to an ongoing investigation into Sorare, the blockchain-based fantasy sports platform behind digital trading cards, over allegations of unlicensed gambling activities. An NCA spokesperson confirmed the order was issued "to prevent dissipation of the funds while the NCA investigates any potential links between those funds and alleged third-party criminality."

Sorare signed a high-profile four-year, $162 million partnership with the Premier League in 2023, a deal that was terminated at the end of the 2024-25 season. The investigation comes amid broader regulatory scrutiny of crypto-related sports sponsorships in the UK. In June, the Financial Conduct Authority (FCA) sent warning letters to Premier League clubs about "questionable sponsorship deals" with companies not authorized to operate in the country, including crypto firms. Despite the warnings, several clubs have continued crypto partnerships into the new season, including Circle's stablecoin deal with Chelsea and OKX's exchange sponsorship with Manchester City.

The Sorare case highlights the growing tension between crypto companies seeking mainstream visibility through sports marketing and regulators concerned about consumer protection and unlicensed financial activity. Industry data suggests global crypto sponsorship deals with sports teams have declined since 2022 amid a prolonged market downturn and reputational concerns. The NCA's frozen funds could remain locked for the duration of the investigation, potentially setting a precedent for how UK authorities handle unlicensed crypto gambling operations tied to major sports properties.