The exchange's logo was everywhere during the race in Miami — but in Singapore, Crypto.com wasn't allowed to advertise around the track, or launch campaigns surrounding the venue.
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During the first-ever Miami Grand Prix in May, it wasn't just a fake marina that captured the attention of viewers at home.
Seemingly on every turn, and on every billboard around the track, Crypto.com's logo was emblazoned for all to see. It seemed fitting given how Miami is positioning itself as a hub for digital assets — with the Floridian city home to the flagship annual Bitcoin conference.
This followed yet another high-profile sponsorship deal with F1 — but by the time the race was taking place, Bitcoin was already languishing below $30,000.
The Singapore Grand Prix, held over the weekend, was a much more muted affair. Crypto.com wasn't allowed to advertise around the track, or launch campaigns surrounding the venue.
Instead, any sight of its logo was limited to the sport's fast cars and the uniforms worn by drivers — meaning the trading platform would accrue far less visibility in its quest to woo new customers.
It's worth noting that this isn't just a bear market related issue. Singapore has been one of the more aggressive territories when it comes to crypto regulation. At the start of the year, the city-state's monetary authority stopped digital assets from being advertised in newspapers and on TV — and prohibited brands from securing endorsements from social media influencers, too.
Crypto ATMs also started to vanish, with regulators making it clear that these new rules were designed to "discourage" trading among retail investors.
Back in January, a senior official within the Monetary Authority of Singapore had said:
"MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases. But the trading of cryptocurrencies is highly risky and not suitable for the general public."
Some crypto brands are licking their wounds after paying countless millions of dollars for premium marketing deals at the height of the bull market. Crypto.com is one of those that has since been forced into retreat — and has made painful layoffs as the value of digital assets fell.
Living through this boom and bust might make businesses more careful the next time around — and enhanced regulatory scrutiny may make crypto brands think twice before they sign an agreement… assuming they can at all.
According to Bloomberg, a whopping 80% of F1 teams currently have a partnership with at least one crypto company — with the sporting body itself inking a $100 million deal with Crypto.com.
But one marketing expert told the news outlet that subdued marketing in Singapore isn't necessarily something to worry about.
Rob Bloom, who is the chief marketing officer at Aston Martin's F1 team, pointed out that some territories clamp down on alcohol and tobacco promotions — and that's why you see Marlboro branding in some races and not others.
