AFL stands by Crypto.com partnership amid fears of a cryptocurrency meltdown

<br><div><p class="dcr-heo3js">The <a target="_blank" href="https://www.theguardian.com/sport/afl" data-component="auto-linked-tag" data-link-name="in body link" rel="noopener">AFL</a> is sticking by its Crypto.com partnership amid fears the corporate may very well be caught up in a market spiral after the collapse of FTX.</p><p class="dcr-heo3js">Final week FTX, one of many world’s largest cryptocurrency exchanges, <a target="_blank" href="https://www.theguardian.com/technology/2022/nov/10/what-happened-to-ftx-and-could-crisis-spill-over-to-rest-of-crypto" data-link-name="in body link" rel="noopener">filed for bankruptcy</a> after the worth of its cryptocurrency collapsed, triggering the crypto equal of a financial institution run, with traders looking for to withdraw their funds from the platform.</p><p class="dcr-heo3js">The corporate’s co-founder Sam Bankman-Fried resigned final week saying he had <a target="_blank" href="https://www.theguardian.com/business/2022/nov/12/i-fd-up-the-rise-and-fall-of-us-ftx-crypto-king-sam-bankman-fried" data-link-name="in body link" rel="noopener">“fucked up”</a>, as his reported wealth declined from US$16bn to <a target="_blank" href="https://www.telegraph.co.uk/business/2022/11/11/ftse-100-markets-live-news-autumn-budget-meta-musk/" data-link-name="in body link" rel="noopener">US$3</a>.</p><figure id="b467f620-8376-4f76-9d16-6e50fa0a17a6" data-spacefinder-role="richLink" data-spacefinder-type="model.dotcomrendering.pageElements.RichLinkBlockElement" class=" dcr-1mfia18"><gu-island name="RichLinkComponent" deferuntil="idle" props="{"richLinkIndex":3,"element": Molly White","prefix":"Related: ","role":"richLink","elementId":"b467f620-8376-4f76-9d16-6e50fa0a17a6","ajaxUrl":"https://api.nextgen.guardianapps.co.uk","format":{"display":0,"theme":2,"design":0}}"/></figure><p class="dcr-heo3js">The collapse has already had implications for the broader cryptocurrency sector, with the worth of Bitcoin declining from US$20,000 to US$16,600 for the reason that information broke. Specialists <a target="_blank" href="https://www.theguardian.com/technology/2022/nov/14/failure-of-ftx-crypto-exchange-will-have-huge-implications-mps-hear" data-link-name="in body link" rel="noopener">have predicted</a> the FTX collapse will make it more durable for the broader sector to get better from current falls.</p><p class="dcr-heo3js">Earlier than FTX filed for chapter, there was a growth in sponsorship preparations between sport and cryptocurrency companies.</p><p class="dcr-heo3js">Mercedes F1, Miami Warmth and the Worldwide Cricket Council all suspended their sponsorship offers with FTX within the wake of the corporate’s troubles.</p><p class="dcr-heo3js">In Australia, the AFL <a target="_blank" href="https://www.afl.com.au/news/695585/afl-welcomes-cryptocom-in-landmark-five-year-partnership" data-link-name="in body link" rel="noopener">signed</a> a five-year cope with the Singapore-based Crypto.com earlier this 12 months. It included sponsorship offers with 4 AFL golf equipment, and Crypto.com turned the “official cryptocurrency change and cryptocurrency buying and selling platform” for the AFL and AFLW.</p><p class="dcr-heo3js">A spokesperson for the AFL informed Guardian Australia there had been no change to the partnership.</p><p class="dcr-heo3js">The CEO of Crypto.com has rejected options his firm may fall to the identical destiny as FTX.</p><p class="dcr-heo3js">Kris Marszalek, in an impromptu “ask me something” on YouTube on Monday, stated that FTX’s collapse did set the trade again “ couple of years” by way of popularity, however stated Crypto.com was “the only most regulated firm” within the sector, with licences or regulated entities in Europe, the UK, Canada, Singapore and Australia.</p><p class="dcr-heo3js">“Our platform is performing enterprise as regular,” he stated. “Persons are depositing, persons are drawing, persons are buying and selling.”</p><p class="dcr-heo3js">He stated the enterprise practices that Crypto.com interact in are very completely different to that alleged about FTX.</p><figure data-spacefinder-role="inline" data-spacefinder-type="model.dotcomrendering.pageElements.NewsletterSignupBlockElement" class=" dcr-10khgmf"><aside class="dcr-z79tmx"><div class="dcr-hum5za"><p class="dcr-9a9qtg">Signal as much as <span>Guardian Australia's Morning Mail</span></p></div><p class="dcr-1yb0gsz">Our Australian morning briefing e mail breaks down the important thing nationwide and worldwide tales of the day and why they matter</p><gu-island name="SecureSignupIframe" deferuntil="idle" props="{"name":"Guardian Australia's Morning Mail","html":"<form id="secure-signup-morning-mail"><label class="email-signup-iframe-1e7nce3"><div class="email-signup-iframe-15c2i4h">Enter your email address </div></label><div class="email-signup-iframe-1xb79hp"><div class="email-signup-iframe-6oul4p"><label for="src-component-602374" class="email-signup-iframe-0"><div class="email-signup-iframe-19jdopb">Enter your email address </div></label><input type="email" id="src-component-602374" aria-required="true" aria-invalid="false" aria-describedby="" required="" name="email" class="email-signup-iframe-1vxbg5o"/></div><button type="submit" aria-live="polite" class="email-signup-iframe-eogzhv">Sign up</button></div></form>","styles":"<style data-emotion="email-signup-iframe-global 0"></style><style data-emotion="email-signup-iframe 1e7nce3 15c2i4h 1xb79hp 6oul4p 19jdopb 1vxbg5o eogzhv">.email-signup-iframe-1e7nce3 div{font-family:GuardianTextSans,Guardian Text Sans Web,Helvetica Neue,Helvetica,Arial,Lucida Grande,sans-serif;font-size:0.875rem;line-height:1.35;font-weight:700;--source-text-decoration-thickness:2px;}.email-signup-iframe-15c2i4h{font-family:GuardianTextSans,Guardian Text Sans Web,Helvetica Neue,Helvetica,Arial,Lucida Grande,sans-serif;font-size:1.0625rem;line-height:1.35;font-weight:700;--source-text-decoration-thickness:2px;color:#121212;}.email-signup-iframe-1xb79hp{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;-webkit-align-items:flex-start;-webkit-box-align:flex-start;-ms-flex-align:flex-start;align-items:flex-start;-webkit-box-flex-wrap:wrap;-webkit-flex-wrap:wrap;-ms-flex-wrap:wrap;flex-wrap:wrap;}.email-signup-iframe-6oul4p{margin-right:12px;margin-bottom:8px;-webkit-flex-basis:335px;-ms-flex-preferred-size:335px;flex-basis:335px;-webkit-flex-shrink:1;-ms-flex-negative:1;flex-shrink:1;}.email-signup-iframe-19jdopb{font-family:GuardianTextSans,Guardian Text Sans Web,Helvetica Neue,Helvetica,Arial,Lucida Grande,sans-serif;font-size:1.0625rem;line-height:1.35;font-weight:700;--source-text-decoration-thickness:2px;color:#121212;position:absolute;overflow:hidden;white-space:nowrap;width:1px;height:1px;margin:-1px;padding:0;border:0;clip:rect(1px, 1px, 1px, 1px);-webkit-clip-path:inset(50%);-webkit-clip-path:inset(50%);clip-path:inset(50%);}.email-signup-iframe-1vxbg5o{width:100%;box-sizing:border-box;height:44px;font-family:GuardianTextSans,Guardian Text Sans Web,Helvetica Neue,Helvetica,Arial,Lucida Grande,sans-serif;font-size:1.0625rem;line-height:1.35;font-weight:400;--source-text-decoration-thickness:2px;color:#121212;background-color:#FFFFFF;border:2px solid #707070;padding:0 8px;margin-top:4px;height:36px;margin-top:0;}.email-signup-iframe-1vxbg5o:focus{border:2px solid #0077B6;outline:0;}html:not(.src-focus-disabled) .email-signup-iframe-1vxbg5o:focus{box-shadow:0 0 0 5px #0077B6;}.email-signup-iframe-1vxbg5o:invalid{box-shadow:none;}.email-signup-iframe-1vxbg5o:invalid[value]:not([value='']){border:4px solid #C70000;color:#121212;margin-top:0;}.email-signup-iframe-eogzhv{display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;-webkit-box-pack:justify;-webkit-justify-content:space-between;justify-content:space-between;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;box-sizing:border-box;border:none;background:transparent;cursor:pointer;-webkit-transition:.3s ease-in-out;transition:.3s ease-in-out;-webkit-text-decoration:none;text-decoration:none;white-space:nowrap;font-family:GuardianTextSans,Guardian Text Sans Web,Helvetica Neue,Helvetica,Arial,Lucida Grande,sans-serif;font-size:1.0625rem;line-height:1.35;font-weight:700;--source-text-decoration-thickness:2px;height:36px;min-height:36px;padding:0 16px;border-radius:36px;padding-bottom:2px;background-color:#052962;color:#FFFFFF;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;background-color:#000000;-webkit-flex-basis:118px;-ms-flex-preferred-size:118px;flex-basis:118px;-webkit-flex-shrink:0;-ms-flex-negative:0;flex-shrink:0;margin-bottom:8px;}.email-signup-iframe-eogzhv:disabled{cursor:not-allowed;}.email-signup-iframe-eogzhv:focus{outline:0;}html:not(.src-focus-disabled) .email-signup-iframe-eogzhv:focus{outline:5px solid #0077B6;outline-offset:3px;}.email-signup-iframe-eogzhv:hover{background-color:#234B8A;}.email-signup-iframe-eogzhv:hover{background-color:#333333;}</style>","newsletterId":"morning-mail","successDescription":"We'll send you Guardian Australia's Morning Mail every weekday"}" clientonly="true"/><span class="dcr-1b37olj"><strong>Privateness Discover: </strong>Newsletters might comprise data about charities, on-line advertisements, and content material funded by outdoors events. For extra info see our <a target="_blank" data-ignore="global-link-styling" href="https://www.theguardian.com/help/privacy-policy" rel="noopener noreferrer" class="dcr-wpzdfa">Privacy Policy</a>. We use Google reCaptcha to guard our web site and the Google <a target="_blank" data-ignore="global-link-styling" href="https://policies.google.com/privacy" rel="noopener noreferrer" class="dcr-wpzdfa">Privacy Policy</a> and <a target="_blank" data-ignore="global-link-styling" href="https://policies.google.com/terms" rel="noopener noreferrer" class="dcr-wpzdfa">Terms of Service</a> apply.</span></aside></figure><p class="dcr-heo3js">“We by no means engaged as an organization in any irresponsible lending practices,” he stated. “We by no means took any third-party dangers, we don't run a hedge fund, we don't commerce prospects belongings, we all the time stored one-to-one reserves.”</p><p class="dcr-heo3js">He stated Crypto.com had a “tremendously robust steadiness sheet” and would show unsuitable the individuals claiming the corporate was in hassle.</p><p class="dcr-heo3js">“I’ve been saying it for a number of years and what I can say is that we'll do what we’ve all the time finished – we'll show individuals unsuitable with our actions and never our phrases,” he stated.</p><p class="dcr-heo3js">“So in a few months all these guys are going to look now actually, actually unhealthy for throwing allegations which have completely no substance.”</p><p class="dcr-heo3js">Crypto.com has been coping with considerations over mistaken transactions up to now few months. It has been <a target="_blank" href="https://www.theguardian.com/technology/2022/oct/11/crypto-com-accidental-transfer-10-5-million-trial-australia-couple-cryptocurrency" data-link-name="in body link" rel="noopener">seeking to recoup funds from a couple in Australia</a> after the corporate by chance despatched them $10.5m as an alternative of a $100 refund.</p><p class="dcr-heo3js">Previously week, the corporate stated it by chance transferred $404m value of Ethereum to a pockets linked to the Gate.io crypto platform. The forex has since been recovered.</p></div>