Canyon-SRAM have ended their title sponsorship agreement with Polish cryptocurreny trader zondacrypto, following what the team describe as a “breach of contract”.
The company joined the Women’s WorldTour team as a co-sponsor in January 2025, following the victory of their star rider, Kasia Niewiadoma, in the Tour de France Femmes the previous year. At the time, the partnership was announced, the team’s General Manager Ronny Lauke said, “The dynamic approach to digital finance that zondacrypto has, coupled with its vision for the future, makes it the perfect partner to help us push boundaries both on and off the bike. Together as CANYON//SRAM zondacrypto, we look forward to forging new paths and continuing to elevate women’s cycling globally.”
But in a short statement posted yesterday, Lauke wrote, “We have respected all contractual obligations and legal procedures, but are now happy to draw a line and move forward. Our focus is entirely on what comes next.”
Scrutiny of zondacrypto’s business operations had been mounting, with the Polish prosecutor’s last month opening an investigation into the company over alleged misleading of customers and investors since 2022. At least 350 million Polish Zloty (£71 million) is alleged to have been withheld.
Two weeks later, the Tour de Suisse cut its newly-signed partnership agreement with the company, writing that agreements with the company “were found to be unsustainable”. The crypto business’ activities have also become politicised, with the Polish Prime Minister Donald Tusk accusing the company of financing various conservative and right-wing political causes in the country. Poland’s right-wing President has also defended the company, and vetoed efforts to increase regulation of the industry.
It is not the first time a crypto sponsor has caused difficulties in the world of professional cycling. In 2021, Qhubeka-NextHash were refused a new racing licence by the UCI after missing payments to riders and staff. Meanwhile another crypto business linked to Nexthash, NiceHash, sponsors the Slovenian Cycling Federation and appears on the World Championship winning national jersey of Tadej Pogačar.
The Slovenian has also been more directly involved with the industry, having signed a personal sponsorship arrangement with KuCoin, a Chinese firm with links to money laundering, human trafficking and terrorist financing, according to several countries’ law enforcement agencies.
Pogačar’s agent, Alex Carrera initially declined to comment when approached by road.cc but later said the money was used for supporting Pogačar’s charity projects in Slovenia, including a youth cycling team and a cancer charity that bears his name.
“I agree if I sign the contracts, take the money, and they spend it to buy a new car. In this case, we accept the critics. But if we receive the money, not for us, but to give to the people in need, it’s different. If you don’t accept this money, then nothing goes to the people who need it. It’s a bit like Robin Hood.”
Carrera also added that “many, many crypto companies are sponsoring cycling and sponsoring sport in general. For example, the first crypto company sponsoring cycling is not KuCoin, but it’s zondacrypto for the Canyon team.”
At the time of writing, the zondacrypto brand is still included on the team website, though the team say complete branding changes will not be completed until August 1st. The crypto company’s website is also hyperlinked, though access to the website remains blocked in the United Kingdom.
News of the dropped sponsor and team name change arrived the day before the Giro d’Italia Women gets underway. The team’s general classification ambitions will be spearheaded by Cecilie Uttrup Ludwig and Antonia Niedermayer, whilst Chiara Consonni will contest the sprint stages.
> Cecilie Uttrup Ludwig: “I’m a bit silly, I’m a bit weird but, you know, it’s what you get”
7 thoughts on “Canyon-SRAM drop cryptocurrency sponsor following “breaches of contract” and a criminal investigation”
Crypto-currency is simply a scam. Yes you might just make something from swopping your fiat currency for some digital zeros and ones but it’s a bubble that will burst as surely as tulip mania did in the 17th Century.
@jaymack Cryptocurrency is a tool for extremely wealthy to become even more wealthy.
They can afford to invest vast sums when the value of crypto falls and leave it for long enough to ride out the huge fluctuations until the selling price is right.
They make their money at the expense of the less wealthy and gullible.
This is why Farage is cagey about gifts from crypto businessmen.
Thanks to BTC some guys must have made massive fortunes. Enjoy while it lasts though. The globaliat agenda is to deploy CBDCs / Central Bank Digital Currencies across the board by 2030.
The banks appear terrible organisations …
… *until* you compare them with the new crypto-pirates!
What we are already doing and will probably end up doing more of is expending serious amounts of energy on running digital currencies. (Not entirely new – the transmission of value via gold and silver has been accompanied by environmental damage and human misery for a long time).
What ever do you mean? A platform hosting digital ponzi schemes is under investigation for fraud and other financial crimes?! Say it isn’t so!
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The whole crypto system should have been killed dead at birth, but nooo. Too many people that should know better got suckered in without seeing the whole picture and now we’re stuck with a financial cancer.
I instantly lose respect for any team that signs crypto or AI companies as sponsors
@ROOTminus1 I guess it depends how long you want to stick around for and whether you’re bothered about what comes next for those left behind.
Plundering resources and leaving others short of cash / feeling ripped off is a reasonable strategy, if you’re not around for the fallout. Or are too powerful for others to take revenge.
No doubt the proponents would say others are all luddites and miserablists. They are simply optimists – believing in the power of humans to keep inventing our way out of the problems of our own making.
In the context of UK politics the shadow of the future is short! Sometimes you only have to get to the next news conference. Certainly anything longer than at most 5 years is hardly worth worrying about!
Plus – super rich folks may well outlast you so maybe best not to irk them? “If I / our party doesn’t take the money, someone else will”.