Despite a Regulatory Crackdown in the United States, Kraken Secures a Sponsorship Deal With Williams Racing

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Last Updated on March 29, 2023 by Bitfinsider

After losing one of its most famous drivers, Nicholas Latifi, who allegedly brought in a significant sum of advertising money, Formula 1 company Williams Racing hired U.S. crypto exchange Kraken as a backer.

According to the businesses, Kraken’s logo will be featured on the team’s race vehicles, and there will also be a non-fungible token (NFT) experience.

The collaboration comes as US-based cryptocurrency exchanges confront not only continuing scrutiny from traders, but also escalating governmental measures following the failure of the FTX crypto exchange and three banks with ties to the sector.

Kraken was compelled to close its staking-as-a-service platform for US users last month and pay a $30 million fine to resolve allegations brought by the Stocks and Exchange Commission, which accused the exchange of selling unregistered securities. Other exchanges, such as Coinbase and Binance, are also under review by US authorities.

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