But Darren Heitner, a lawyer and professor of sports law at the University of Florida, said he doubts the deal will be a useful guide for traditional sports teams entering into naming rights deals in the future. .

“As the leagues have gotten more liberal lately” with publicity opportunities, Heitner said, “I think they are still a bit far from allowing teams to sell their real names to the highest bidder.”

For FTX, the deal gives the cryptocurrency exchange greater recognition in the United States, where it operates a small platform. Earlier this year, FTX signed a deal with the Miami Heat and Miami-Dade County, Fla. For $ 135 million over 19 years to secure the naming rights to the arena where the Heat play. Working with TSM, Bankman-Fried said he hopes the crypto exchange, which launched in 2019, will become familiar to more Americans and make them more comfortable doing business with the exchange.

FTX is currently raising funds that would value it at $ 20 billion, he said.

The majority of FTX sales take place outside the United States, where FTX allows people to buy and sell what are known as tokenized stocks and crypto derivatives: essentially, bets on the future value of currencies. like Bitcoin, as well as betting on other future policies and financial possibilities.

Such bets are relatively new, largely unregulated, and can be risky, so they are generally not offered by US cryptocurrency exchanges or US legal sports betting (some casinos outside the US allow betting. on elections). The US FTX operation only offers traditional cryptocurrency trading.

Some international exchanges may offer symbolic shares without collateral, which increases the risk of dealing with offshore exchanges, which can make it difficult for clients to find them or take legal action against them if necessary. “The effect is to deprive its users of the right to exercise their rights against this exchange if something goes wrong,” said Christine Duhaime, an expert lawyer in financial crime.

But FTX says it is not an improvised transaction: Its token shares have a guarantee through a registered brokerage firm, and it is more secure than other offshore exchanges, the company said. .