FC Twente has signed a sponsorship deal with the cryptocurrency Floki, which is currently worth only 0.00012 euros. The agreement is controversial and has sparked outrage. “Why does my club never learn to stay away from dirty money,” writes journalist and opinion maker Sander Schimmelpenninck on Twitter.
“As if the Doyen drama wasn’t big enough,” continues Schimmelpenninck, referring to the agreement FC Twente had with the shadowy investment fund from 2013 onwards. Doyen took interests in the ownership of FC Twente players and was also found to be funneling money to tax havens. “In addition, enticing supporters (who are usually not well off) to speculate with stupid cryptos is reprehensible,” Schimmelpenninck concludes.
Why does my club never learn to stay away from dirty money. As if the Doyendrama wasn’t big enough. Moreover: enticing supporters (who are usually not well off) to speculate with stupid cryptos is reprehensible. https://t.co/CkwKt96X5l
— Sander Schimmelpenninck (@SanderSchimmelp) December 13, 2021
FC Twente, however, is not aware of any harm. “Just as there is a risk with any form of investing, so is with crypto,” the club says in a response to the NOS. The crypto coin Floki has only been on the market since August and was worth 0.00029 euros at its peak, according to data from Coinmarketcap. The price has now been more than halved to 0.00012 euros. “Floki is offered on the international trading platforms, this is public. Floki has recently entered into partnerships with, among others, Bayer 04 Leverkusen, Napoli, Spartak Moscow and Fenerbahce”, FC Twente defends itself.
The Netherlands Authority for the Financial Markets has advised consumers against investing in cryptocurrency for some time. The Advertising Code Committee (RCC) also has its doubts about FC Twente’s sponsorship deal. “You can indeed ask the question whether advertising for such a risky product is appropriate in a football stadium,” the RCC told the newspaper. NOS. However, the organization is not taking any action. “The Advertising Code Committee can only give an opinion on this if a complaint is submitted.” And there is no such complaint about FC Twente and Floki. “If cryptocurrencies are not prohibited by law, then you can advertise them.”