Crypto.com has pulled out of a sponsorship deal with Uefa for the Champions League, the BBC understands.

The agreement, worth £428m over five seasons, is said to have fallen through at the "last moment", amid concerns about increased crypto regulation.

The cryptocurrency exchange site was set to replace Gazprom after Uefa severed links with the Russian energy provider over the war in Ukraine.

The concerns are thought to relate to potential legal trading restrictions.

Over the past few years digital assets have moved from the fringes of the economy and have entered the mainstream, with more and more football sponsorship deals being confirmed.