TLDR

  • The Middle East conflict has led to TOKEN2049 Dubai being rescheduled for April 2027 and the cancellation of TON Gateway Dubai.
  • Formula 1 has officially called off the Bahrain Grand Prix (April 12) and the Saudi Arabian Grand Prix (April 19).
  • The two canceled races could cost F1 as much as $200 million in revenue and $80 million in EBITDA.
  • Multi-million dollar F1 sponsorship agreements held by crypto exchanges OKX, Crypto.com, and Bybit are impacted by the cancellations.
  • Several other business events in the UAE have been postponed, such as Middle East Energy Dubai.

The continuing conflict in the Middle East has resulted in the cancellation of two Formula 1 Grand Prix events and the relocation of major cryptocurrency conferences away from the area.

Formula 1 formally announced the scrapping of the Bahrain Grand Prix, planned for April 12, and the Saudi Arabian Grand Prix, set for April 19. This conclusion came after weeks of uncertainty, as safety concerns arose from closed airspace, military actions, and travel interruptions.

Iranian missile and drone attacks hit Bahrain and Saudi Arabia after joint military operations by the U.S. and Israel against Iran commenced on February 28. The hostilities have continued into their third week without abating.

F1 president Stefano Domenicali stated: “While this was a difficult decision to take, it is unfortunately the right one at this stage considering the current situation in the Middle East.”

Options to substitute the races with tracks in Imola and Portimão were considered, but the insufficient lead time rendered this unfeasible. The 2026 season now features 22 races, creating a five-week interval between the Japanese Grand Prix on March 29 and the Miami Grand Prix on May 3.

Saudi Arabia and Bahrain are among the top payers of hosting fees in F1, with a combined total reported near $115 million. Analysts at Guggenheim Partners project that the cancellations may lead to losses of up to $200 million in revenue and $80 million in EBITDA for F1.

Crypto Sponsorships Take a Hit

The cancellation of the races directly impacts cryptocurrency firms that have made substantial investments in Formula 1.

OKX, with a $25 billion valuation, has served as a principal partner for McLaren since 2022. Crypto.com maintains a worldwide F1 partnership agreement valid until 2030. Bybit earlier inked a sponsorship with Red Bull Racing said to be valued at up to $150 million.

Kraken, Coinbase, and Binance also have sponsorships in motorsports that could be influenced. Requests for comment from OKX and Crypto.com were not answered.

Annual broadcasts of F1 races attract more than one billion viewers. For crypto exchanges targeting the region, the Bahrain and Saudi races held particular importance for engaging the Gulf’s vibrant cryptocurrency market.

Dubai Crypto Events Also Canceled

The fallout extended further than the racing world. TOKEN2049 Dubai, a leading global crypto conference that usually hosts over 15,000 attendees, has been moved from late April to April 21–22, 2027. Event coordinators pointed to safety issues, unpredictable travel conditions, and logistical challenges.

TON Gateway Dubai, an event centered on The Open Network blockchain ecosystem, was canceled completely. Full refunds were issued to ticket purchasers.

Additional events in the region have been rescheduled. Middle East Energy Dubai was shifted to September. Affiliate World Global deferred its Dubai conference to 2027. The Dubai International Boat Show has postponed its upcoming event without setting new dates.

Upcoming F1 races in the area, such as the Qatar Grand Prix and the Abu Dhabi Grand Prix in December, are currently still scheduled. Officials have stated they are keeping a close watch on developments.