Tottenham’s deal with new sponsor INFINOX under scrutiny after online trading platform was first in UK to be FINED under new laws and is part of an ongoing probe into scam traders

Tottenham have signed a sponsorship deal with an online trading platform which was the first in the country to be fined under new reporting laws – and which featured in an investigation into scam traders.

Earlier this month Spurs said they were ‘delighted’ to announce ‘a multi-year partnership’ with INFINOX.

The club added that they would work with the company to ‘engage our supporters through educational initiatives to promote informed participation and performance around online trading’.

Chief revenue officer Ryan Norys added that INFINOX ‘brings a strong international presence and a clear focus on regulated financial services’.

However, Daily Mail Sport’s attention has been brought to a number of matters which may raise eyebrows.

In 2021, the BBC carried out a probe named ‘Scam Land’ which uncovered how investors lost millions after they were caught up in foreign exchange schemes.

Earlier this month Spurs announced ‘a multi-year partnership’ with INFINOX

Many of the investments were made via a broker, who then used INFINOX, with those caught out unaware that Spurs’ new partner – despite having an office near the Bank of England – were actually based in the Bahamas and not subject to UK regulation or under the control of the Financial Conduct Authority.

The broker, a well-known influencer by the name of Gurvin Singh Dyal, was subsequently reported to Action Fraud having lost an estimated £3.5m.

Singh Dyal, then 28, also admitted a civil charge of contempt of court and was sentenced to eight months in prison suspended for two years. The fraud investigation remains ongoing.

A year ago, INFINOX became the first to be fined by the Financial Conduct Authority for failing to submit 46,053 transaction reports which it said ‘increased the risk of market abuse going undetected’ under new Markets in Financial Instruments Regulation (MiFIR) rules, which are aimed at improving protection for investors. The FCA found that while the company identified the failure through a third-party review, it then failed to ‘proactively report the breach’ until prompted by the FCA.

As a result, it was fined a total of £99,200.

Currently, a visit to INFINOX’s website delivers the message: ‘This website does not provide services to UK clients’.

A spokesperson for Tottenham suggested that they had carried out checks before penning the deal. They said: ‘We don’t disclose the commercial terms of our agreements with partners, this approach to confidentiality is standard in most industries. Due diligence will happen on all high-value contracts.’

INFINOX failed to respond to a request for comment.

Meanwhile, the value of a ‘Fan Token’ released by the club in 2023 has collapsed. In January 2024 the token, five of which were offered for free to season ticket holders and members, was priced at $4.67. However, as of last week its value had fallen per cent to a paltry $0.19.