Mercedes has decided to suspend the sponsorship from crypto exchange FTX, amid bankruptcy fears, which means the company’s logos will be removed in Brazil.
Mercedes’ sponsor – crypto exchange company FTX – is facing a potential bankruptcy, and a possible investigation by the US Securities and Exchange Commission over the alleged misuse of customer deposits.
Although Mercedes at first said they will not remove the company’s logos from their car at the Sao Paulo Grand Prix, it has ultimately been announced that the logos will be removed.
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“As a first step, we have suspended our partnership agreement with FTX,” Mercedes said in a statement.
“This means the company will no longer appear on our race car and other branded assets from this weekend.
“We will continue to monitor closely the situation as it evolves,” the team concluded.