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first_img Circle becomes the front sponsor of Chelsea, and the USDC logo will appear on the jersey

Stablecoin issuer Circle has reached a sponsorship agreement with Premier League giant Chelsea, becoming its chief partner and official shirt front sponsor. According to news released on Friday, Circle and the USDC brand logo will appear on the jerseys of Chelsea's men's, women's, and youth teams starting from the 2026/27 season. Circle stated that stablecoins are moving from early adoption to mainstream, bringing USDC to one of the largest global stages in sports, reflecting the scale and ambition of this opportunity.Circle CEO Jeremy Allaire stated that USDC is built on the idea that "currency should operate seamlessly for everyone around the world, just like the internet," and the partnership with Chelsea connects a global sports community based on the same borderless vision. Chelsea chairman Jason Gannon noted that this collaboration places Chelsea at the forefront of the digital evolution in football. The specific amount and duration of the agreement have not been disclosed.This collaboration comes as the crypto industry rebuilds its sports sponsorship landscape following a market downturn in 2022. Previously, Crypto.com secured a 20-year naming rights deal for the former Staples Center for $700 million, and OKX had also partnered with Manchester City. In June of this year, the UK's Financial Conduct Authority warned Premier League and other football clubs to be cautious of sponsorship agreements with unauthorized crypto companies, while Circle holds an electronic money institution license from the UK FCA. Chelsea will debut the jerseys featuring the Circle and USDC logos in their home match against Brighton on Sunday.

hot_img The Shanghai court in China analyzes the criminal responsibility determination in cases of "traffic diversion" fraud involving virtual currency, which may constitute complicity in fraud or illegal use of information networks

The Shanghai Intermediate People's Court has published typical cases, analyzing whether "traffic personnel" involved in telecommunications network fraud related to virtual currencies constitute accomplices in fraud. From February 2022 to April 2023, the defendants, for the purpose of profit, assisted upstream fraudulent activities by "draining traffic," using online virtual phone software to lure victims into related scam groups, ultimately causing 30 victims to be defrauded of more than 2.34 million yuan (the same currency hereafter) by an overseas fraudulent organization. The overseas fraudulent organization transferred funds into the suspects' trading accounts via virtual currency.The Shanghai First Intermediate People's Court pointed out that in telecommunications network fraud cases, "traffic personnel" may constitute accomplices in fraud or illegal use of information networks depending on specific circumstances. The key lies in determining whether they have formed a clear criminal intent connection with the upstream fraudulent organization and whether there is stable cooperation and division of labor. In judicial practice, when assessing the criminal responsibility of "traffic personnel," factors such as their role in the criminal chain, the degree of organizational management, connections with upstream criminals, methods of profit, and abnormal behavior should be comprehensively considered. Actions that only provide general online services and do not form a conspiracy to commit fraud should be distinguished from "draining" actions that knowingly participate in the implementation of fraud.
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