The ties between crypto and the sports industry remain pretty tight. However, in some cases, these agreements may encounter significant problems. So much so that the strict stance of regulators of some countries on crypto is an obstacle to agreements. What happened in F1 and the French Grand Prix is an important example of this.
F1 Teams Forced to Remove Crypto Ads In France
Recently, many crypto companies have chosen F1 teams for sponsorship deals. The biggest reason behind this is that F1 appeals to large masses and the quality stands are high. However, these sponsorships sometimes encounter significant obstacles. Regulations.
France’s ongoing regulations regarding crypto advertising have forced several Formula 1 teams to hide or remove stickers featuring crypto-related brands at the French Grand Prix on July 24. Among the ten participating teams, all but two are currently in some sort of partnership with crypto companies, and the shortcomings of the arrangements are apparent given that some teams have more than one such partner.
For example, the Alfa Romeo team has partnered with crypto lender Vauld and meme coin Floki Inu (FLOKI), while Red Bull Racing has partnered with the Tezos (XTZ) network and crypto exchange ByBit. However, none of these brands were shown at the French Grand Prix.
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