F1's Multi-Million Crypto Sponsorships at Risk as Middle East Conflict Forces Race Cancellations: FIA

Two Formula One races in the Middle East are set to be canceled because of ongoing war in the region, according to multiple reports. The FIA is maintaining contact with local authorities as it evaluates the situation regarding upcoming F1 races in Bahrain and Saudi Arabia.The cancellations threaten crypto's multi-million dollar F1 sponsorship investments. Other major business events across the UAE, including Middle East Energy Dubai and the Dubai International Boat Show, have also been postponed or delayed. This comes as crypto brands already face headwinds on F1 vehicles, with the sector reeling from high-profile collapses like FTX, which sponsored Mercedes AMG F1.Sources: CoinDesk | Yahoo Sports | Road and TrackTo continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io