Crypto.com rejected to be a sponsor of UEFA for $495 million

The exchange had previously agreed to become a potential sponsor after the Champions League withdrew its sponsorship by Gazprom.

According to SportBusiness, Crypto.com has terminated its half-billion-dollar partnership agreements with the Union of European Football Associations (UEFA).

The crypto.com law firm cited licensing problems of the exchange in France, Italy, and the UK countries. If the deal went well, crypto.com branding would be present in the UEFA Champions League until 2027.

Amid the recent market downturn, Crypto.com CEO Chris Marszalek announced in June that the exchange would cut 260 people from its corporate team or 5 percent of its employees. It remains to be seen whether falling cryptocurrency prices could negatively impact the platform's long-term sponsorship deals.