Iran war forces F1 cancellations… impact seen for OKX, Crypto.com and others

The spillover from a Middle East conflict triggered by Iran has led to the cancellation of the Formula One (F1) races in Saudi Arabia and Bahrain that were scheduled for next month. Some cryptocurrency companies, including Crypto.com, an F1 sponsor, are also expected to be affected.

According to Reuters on the 14th (local time), F1 and the FIA said in a statement that day that they would cancel next month’s Saudi and Bahrain Grand Prix. The Bahrain and Saudi Grands Prix had been set for April 12 and 19, respectively.

The cancellations come as the Iran war is spreading across parts of the Middle East. With key civil infrastructure such as major airports in the region not operating properly, it has also become difficult to bring in the equipment and cargo required for the races. F1 CEO Stefano Domenicali said, “It was a difficult decision, but unfortunately, given the current situation in the Middle East, it is the right decision for now.”

The cryptocurrency industry is also likely to take a hit. A prime example is Crypto.com, the official F1 sponsor and a cryptocurrency exchange. OKX, another crypto exchange, is also a major partner of McLaren. CoinDesk reported, “Crypto exchanges and blockchain companies have invested tens of millions to hundreds of millions of dollars in F1 partnerships to target F1 audiences worldwide and the fast-growing Middle East market,” adding that “it carries even greater significance because of Dubai’s standing in the global crypto industry.”