Cryptocurrency exchange Crypto.com has cancelled a five-year sponsorship deal worth $495 million with the UEFA Champions League, an annual club football competition organized by the Union of European Football Associations. Fortune media reported the matter on Thursday.
According to the report, Crypto.com cancelled the deal due to regulatory concerns in the U.K., France, and Italy, with legal issues surrounding the scope of its licenses to operate and trade.
In March, UEFA, Europe's governing body for soccer, originally cancelled the Gazprom contract following Russia's invasion of Ukraine.
The deal, which had been agreed in principle, would have seen Crypto.com take over as sponsor from Gazprom, a Russian majority state-owned multinational energy corporation.
The Singapore-based exchange has taken an enthusiastic approach to sports advertising over the previous year.
Last November, Crypto.com signed a 20-year naming deal with the Staples Center in Los Angeles for $700 million.
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