Reliable, really? Tottenham Hotspur, a major Premier League team, has a sponsor involved in a fraud case.
Tottenham Hotspur is facing criticism after signing a new sponsorship deal with an online trading platform called INFINOX, which is currently under investigation for fraud.
Earlier this month, Spurs announced a long-term partnership with INFINOX, stating they would collaborate on projects to educate fans about online trading. Club executives also affirmed that the company operates internationally and focuses on financial services within a regulated framework.
However, Daily Mail Sport recently reported that INFINOX is linked to investment scam cases, as the company’s name appeared in transaction trails related to some incidents. The issue traces back to 2021 when the BBC investigated 'Scam Land,' exposing schemes that caused significant investor losses.
Many investments passed through brokers using INFINOX’s services. Later, a prominent broker, Gurwin Singh Dayal, was reported to the UK’s fraud enforcement agency, Action Fraud, after losing about £3.5 million. The case remains under investigation.
Although INFINOX has an office near the Bank of England, its actual base is in the Bahamas, and it is not regulated by the UK’s Financial Conduct Authority.
INFINOX was also fined £99,200 for failing to submit over 46,000 transaction reports under MiFIR regulations, which aim to enhance investor protection. Regulators viewed this as increasing the risk of market manipulation going undetected.
Currently, the company’s website states it does not serve customers in the UK. Tottenham has confirmed it conducted due diligence before signing the deal but has not disclosed commercial details, citing industry standards.
Meanwhile, the club’s fan token, launched in 2023, has plummeted in value from $4.67 in early 2024 to around $0.19 recently.