Chelsea have agreed a new sponsorship deal with BingX, a cryptocurrency company that describes itself as a “steadfast supporter of the Russian cryptocurrency community.”
The deal means that BingX will become Chelsea's new shirt sleeve sponsor for the rest of this season. Following this campaign, BingX will sponsor Chelsea's training kit in what is described as a multi-year deal.
This season, 18 out of the 20 Premier League clubs, including Manchester United, have an official cryptocurrency partner, which has drawn criticism. BingX does not appear to be fully accessible in the UK, but it has offices in Asia, Oceania, Europe and South America.
The company proudly boasted of its ties to Russia at the end of November last year and hosted what it described as a “highlight event during Moscow Tech Week” that demonstrated its “commitment to innovation and engagement within the Russian cryptocurrency community.”
Chelsea co-owners Clearlake Capital and Todd Buhle, who negotiated the deal with BingX, bought the club from Russian billionaire Roman Abramovich, who was sanctioned by the UK government and effectively forced to sell the club. As a result, restrictions were imposed on Chelsea ahead of the takeover.
Several high-profile companies decided to stop trading in Russia following the country's invasion of Ukraine, and Chelsea own a Ukrainian international, Mykhaylo Modric. The Premier League and EFL have halted broadcast deals with Russia.
Chelsea have supported Ukraine, hosting “Game4Ukraine” to raise money for the Mykhailo-Kotsiubynsky School in Chernihiv Oblast, which has been hit by rockets, and in February 2022, the club issued a statement saying: “The situation in Ukraine is appalling and dire. Chelsea's thoughts are with everyone in Ukraine. Everyone In the club they pray for peace.”
Chelsea had a cryptocurrency partner with Amber Group in 2022, featuring the WhaleFin logo on the sleeves of their shirts. That deal ended suddenly.
As first revealed by Telegraph Sport, Chelsea earlier this season announced a new front shirt sponsorship with Infinite Athlete. It has emerged that their deal will see them become the official training kit sponsor from next season.
Founded in 2018, BingX is a cryptocurrency exchange, serving over 10 million users around the world and claims to be “committed to providing a trustworthy platform that empowers users with innovative tools and features to increase their trading efficiency.”
BingX highlighted its impact in Russia in a blog post on the company's website that read: “The purpose of this event was to highlight the extensive capabilities that BingX offers to its users, and to position itself as a trusted and leading exchange within the Russian market. By focusing on meeting the unique needs of the local audience BingX has proven to be a consistent supporter of the Russian cryptocurrency community.
“The Moscow Tech Week event is a testament to BingX’s commitment to empowering its users and strengthening its position as a leading cryptocurrency exchange in the Russian market,” she added.
