{"id":399004,"date":"2026-01-30T15:59:11","date_gmt":"2026-01-30T15:59:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/399004\/"},"modified":"2026-01-30T15:59:11","modified_gmt":"2026-01-30T15:59:11","slug":"why-has-tadej-pogacar-partnered-with-a-disgraced-crypto-scheme-guilty-of-violating-anti-money-laundering-and-terrorist-financing-laws","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/399004\/","title":{"rendered":"Why has Tadej Poga\u010dar partnered with a \u201cdisgraced\u201d crypto scheme guilty of violating anti-money laundering and terrorist financing laws?"},"content":{"rendered":"

When it comes to choosing sponsors, pro cyclists aren\u2019t the pickiest bunch. Over the last century, the sport\u2019s pedalling billboard allure has attracted a wide range of backers \u2013 some more nefarious than others \u2013 willing to exchange cash for publicity, from salami manufacturers and car brands to oil giants, pyramid schemes, and authoritarian regimes.<\/p>\n

Still, it\u2019s fair to say that Tadej Poga\u010dar\u2019s new partnership with global cryptocurrency platform KuCoin this week has raised more than a few eyebrows.<\/p>\n

At a launch event in Vienna, attended by some members of the UK\u2019s cycling media, the four-time Tour de France winner was unveiled as KuCoin\u2019s \u2018global brand ambassador\u2019, in what the company says is the \u201cfirst time a top-tier global crypto exchange and a world-class professional cyclist have come together in a value-driven, trust-led partnership\u201d.<\/p>\n

Of course, crypto\u2019s involvement in cycling is nothing new. In the early part of this decade, non-fungible tokens (or NFTs)<\/a> seemed to be all the rage, with everyone from Wout van Aert<\/a> to Matt Stephens<\/a> asking fans to shell out some digital, environmentally unfriendly coin for a cartoon image.<\/p>\n

Zondacrypto, one of Europe\u2019s largest regulated cryptocurrency exchanges, has backed the Canyon-SRAM women\u2019s team since the start of 2025, while NiceHash sponsors the Slovenian Cycling Federation, appearing pride of place on Poga\u010dar\u2019s green jersey as he inevitably soloes to another world title.<\/p>\n

\"TadejTadej Poga\u010dar wins 2025 World Championships (credit: Alex Whitehead\/SWpix.com)<\/p>\n

And Nexthash (yes, they are linked) briefly served as the shadowy, elusive title sponsor of the Qhubeka squad until its collapse in 2021, amid allegations that the company hadn\u2019t coughed up the requisite dough. Team boss Doug Ryder even accused the digital currency company of failing to pay half of what they owed, before simply refusing to answer the phone to him.<\/p>\n

>\u00a0Velon launches \u201ccycling\u2019s first fan universe\u201d \u2013 and yes, it involves cryptocurrency<\/a><\/p>\n

But, according to KuCoin, this week\u2019s deal with the greatest cyclist in the world isn\u2019t like that at all. In their press release, the company says the partnership with Poga\u010dar is built around the theme \u201cTrust, proven by performance\u201d.<\/p>\n

The world champion\u2019s global ambassador role, KuCoin says, \u201creflects a shared belief that trust is not declared, but earned through long-term performance, professionalism, and discipline. Rather than a transactional sponsorship, the collaboration represents a rare alignment of values between two leaders operating at the highest level of their respective fields.\u201d<\/p>\n

\u201cAt the highest level of cycling, trust is built through preparation, consistency, and a relentless focus on safety,\u201d Poga\u010dar \u2018said\u2019 in a statement.<\/p>\n

\u201cYou earn it over time, through performance and responsible decision-making under pressure. That mindset strongly resonates with how KuCoin approaches trust and security.\u201d<\/p>\n

\"TadejTadej Poga\u010dar and KuCoin poster (credit: KuCoin)<\/p>\n

And KuCoin\u2019s CEO BC Wong added: \u201cThis partnership is built on a shared belief that trust is earned through long-term performance and professionalism.<\/p>\n

\u201cTadej represents excellence achieved through discipline and consistency at the very highest level. At KuCoin, we apply the same principles as we continue to strengthen security, compliance, and governance \u2014 helping bring crypto to a broader, more mainstream audience.\u201d<\/p>\n

Which is all well and good \u2013 but what exactly is KuCoin?<\/p>\n

Built on trust?<\/p>\n

Founded in China in 2017 by Chun Gan, Ke Tang, and Johnny Lyu, KuCoin developed into one of the largest cryptocurrency exchanges in the world, with over 30 million customers and billions of pounds worth of cryptocurrency traded daily.<\/p>\n

Its platform allows registered users to trade in a range of cryptocurrencies, including Bitcoin and Ethereum, while also operating its own crypto token, KuCoin Shares.<\/p>\n

\u201cFor KuCoin, trust has been built over eight years through sustained investment in security infrastructure, regulatory alignment, and operational resilience across global markets,\u201d the company says.<\/p>\n

\u201cAs regulatory standards continue to evolve, KuCoin has strengthened its compliance framework and governance capabilities, reinforcing its commitment to building a secure and trusted digital-asset platform for a growing global user base.\u201d<\/p>\n

However, regulatory alignment, compliance, and trust haven\u2019t always been at the top of KuCoin\u2019s agenda.<\/p>\n

Speaking to road.cc, software engineer, writer, and cryptocurrency expert Molly White noted that \u201clike many crypto firms, KuCoin has had no shortage of brushes with regulators in multiple countries\u201d.<\/p>\n

Early last year in the United States, the company and two of its founders pleaded guilty to a criminal violation of anti-money laundering laws.<\/p>\n

According to the Department of Justice<\/a>, KuCoin flouted US anti-money laundering laws by failing to implement effective anti-money laundering and know-your-customer programmes (designed to prevent KuCoin from being used for money laundering and terrorist financing) while also failing to report suspicious transactions and register with the Financial Crimes Enforcement Network, despite serving thousands of customers in the US.<\/p>\n

The DOJ also alleged that KuCoin handled over $9 billion in illicit and criminal transactions between 2017 and 2024.<\/p>\n

\u201cFor years, KuCoin avoided implementing required anti-money laundering policies designed to identify criminal actors and prevent illicit transactions,\u201d US attorney Danielle Sassoon said last year.<\/p>\n

\u201cAs a result, KuCoin was used to facilitate billions of dollars\u2019 worth of suspicious transactions and to transmit potentially criminal proceeds, including proceeds from darknet markets and malware, ransomware, and fraud schemes. Today\u2019s guilty plea and penalties show the cost of refusing to follow these laws and allowing unlawful activity to continue.\u201d<\/p>\n

The platform agreed to pay a $300 million fine and withdraw from the US for two years, while the two co-founders also paid fines and left the company under deferred prosecution agreements.<\/p>\n

>\u00a0The angry backlash against NFTs in cycling, and how Bike Club NFT is trying to turn the tide<\/a><\/p>\n

In 2023 KuCoin paid a $22 million fine<\/a> and were banned in the state of New York for serving residents of the state without registration, while the year before they also paid a $1.5 million fine<\/a> to securities regulators in Ontario, Canada for failure to register and offering unregistered securities.<\/p>\n

The company was ultimately permanently banned from operating in the province after regulators concluded that they hadn\u2019t complied with the investigation.<\/p>\n

And last year, Canada\u2019s national financial intelligence unit FINTRAC fined KuCoin around $14.5 million, again for violations of anti-money laundering and terrorist financing laws.<\/p>\n

2025 also saw the platform re-domicile to the unregulated Turks and Caicos Islands, after the Seychelles introduced new legislation that requires virtual asset service providers to obtain a licence to operate legally. That move in September followed two similar relocations, from China and then Singapore, in a bid to avoid more stringent regulatory frameworks.<\/p>\n

In the UK, KuCoin was placed the Financial Conduct Authority’s unauthorised firms list in 2023, the government noting that the platform lacked the regulatory approval to provide services in the UK.<\/p>\n

Perhaps most worryingly, in September a team of investigative journalists found that KuCoin \u2013 described by the journalists as \u201cdisgraced\u201d \u2013 was linked to a criminal network and crypto empire used to launder $1.5 billion and protected by former Thai prime minister (and ex-Manchester City owner) Thaksin Shinawatra.<\/p>\n

According to the reporters at Whale Hunting,<\/a> the company has connections to an alleged \u2018pig butchering\u2019 scam across south-east Asia, involving human trafficking, torture, and forced detention.<\/p>\n

Whale Hunter also claimed that Thailand\u2019s Securities and Exchange Commission \u201chas done absolutely nothing\u201d about KuCoin\u2019s control of Finansia X PCL, a licensed Thai broker at the centre of a $1.5 billion Chinese-Cambodian money laundering network.<\/p>\n

This, the reporters say, has \u201cstaggering\u201d national security implications, with the exchange \u201cpotentially facilitating terrorist financing\u201d, along with Cambodian scam centre targeting Americans, all positioned within the legitimate financial system.<\/p>\n

KuCoin, Whale Hunting also reported<\/a>, has been \u201csystematically providing infrastructure\u201d for Iran to evade sanctions \u201cthrough a network of front companies\u201d. The reporters concluded that the platform operates as a \u201cglobal gateway\u201d for illicit finance, while potentially funding the Iranian regime.<\/p>\n

\"TadejTadej Poga\u010dar signs autographs, stage nine, 2025 Tour de France (credit: Zac Williams\/SWpix.com)<\/p>\n

Which is perhaps why KuCoin is so insistent on placing \u2018trust\u2019 at the heart of its new partnership with the greatest cyclist in the world.<\/p>\n

When asked about the implications of Poga\u010dar\u2019s new ambassadorial role with KuCoin, White linked the deal to the collapse of disgraced \u201ccrypto king\u201d Sam Bankman-Fried\u2019s FTX exchange, which was backed by NFL legend Tom Brady and basketball star Steph Curry, as well as comedian Larry David.<\/p>\n

\u201cPersonally I don\u2019t think it’s appropriate for sports figures to partner with any crypto exchange, regardless of how well run they claim to be,\u201d she told road.cc.<\/p>\n

\u201cIt’s shades of FTX all over again \u2014 at least in the US, Tom Brady and Steph Curry touting FTX as the \u2018safe and easy place to buy crypto\u2019 is far from a distant memory. The two of them were later sued by people who believed their advertisements, and lost money as a result.\u201d<\/p>\n

road.cc got in touch with Poga\u010dar\u2019s agent Alex Carera to ask him if the world champion knew about KuCoin\u2019s shady past before becoming the brand\u2019s global ambassador and, if he did, why he went ahead with the deal.<\/p>\n

\u201cNo comment,\u201d came the reply.<\/p>\n

We also asked the Slovenian\u2019s UAE Team Emirates squad about the deal and their knowledge of it. We have not\u00a0yet received a reply.<\/p>\n","protected":false},"excerpt":{"rendered":"When it comes to choosing sponsors, pro cyclists aren\u2019t the pickiest bunch. Over the last century, the sport\u2019s…\n","protected":false},"author":2,"featured_media":399005,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[4985,101,56,54,55],"class_list":["post-399004","post","type-post","status-publish","format-standard","has-post-thumbnail","category-cycling","tag-cycling","tag-sports","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/399004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=399004"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/399004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/399005"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=399004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=399004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=399004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}