Red Bull Racing is facing significant changes ahead of the 2025 Formula One season. One of the most notable developments is the end of its partnership with Bybit, a cryptocurrency exchange. The sponsorship deal, valued at $150 million over three years, concluded unexpectedly, leaving a gap in Red Bull's sponsorship portfolio, according to SI's online report.
Bybit 'Doubles Down' on Crypto Ecosystem Support
"Partnering with Red Bull Racing has been an incredible journey. It has elevated Bybit’s global presence and aligned us with champions who embody the same spirit of excellence and innovation we pursue," commented Helen Liu, Chief Operating Officer at Bybit.
"As we move forward and review our sponsorship strategy, we are doubling down on our commitment to the crypto ecosystem by supporting impactful initiatives that accelerate blockchain adoption, support builders and foster a vibrant Web3 community," she added.
In terms of Red Bull's driver lineup, Max Verstappen has secured his fourth Formula One driver’s championship in 2024, further solidifying his position as one of the sport’s top drivers. Verstappen has also shown interest in changing the team’s livery, preferring a departure from the matte finish used in recent years. In Red Bull's ‘Talking Bull’ podcast, he acknowledged Sergio Perez’s role in the team, despite the performance gap that ultimately led to Perez’s departure.
ByBit had been a prominent sponsor of the Red Bull F1 team over the past three seasons, but opted against a renewal for F1 2025... #F1 https://t.co/11ch1OIYQp
— PlanetF1 (@Planet_F1) January 2, 2025
Perez, who joined Red Bull in 2021, had a disappointing 2024 season, finishing 285 points behind Verstappen. As a result, Red Bull decided to cut his contract short. Liam Lawson, who previously raced for Red Bull's sister team, will replace Perez for the 2025 season. Lawson’s previous experience within the Red Bull family brings fresh energy to the team.
Bybit Ends Operations in Malaysia
Meanwhile, Bybit has ceased its operations in Malaysia following an order from the Securities Commission Malaysia (SC). The SC flagged Bybit for operating without local registration and held CEO Ben Zhou accountable for ensuring compliance, as reported by Finance Magnates.
The SC had previously added Bybit to its “Investor Alert” list in 2021 for operating a digital asset exchange without registration, alongside other unregistered platforms, including some crypto exchanges and CFDs brokers.
The order, communicated to Bybit on December 11, 2024, required the exchange to disable its website and mobile apps in Malaysia within 14 business days. Bybit was also instructed to stop all advertising and close its Telegram support group for Malaysian users. The SC cited concerns over compliance with local regulations and investor protection.
This article was written by Tareq Sikder at www.financemagnates.com.
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