The European Football Association is looking into Bellingham, 21, for making an offensive gesture following England's victory over Slovakia on Sunday in the round of 16.
Bellingham pointed at his crotch in the sixth minute of injury time after dramatic overhead kick equalization.
On social media, many claimed that the Real Madrid player had aimed it toward the Slovakian bench.
However, Bellingham said the performance was only an inside joke, with friends watching from the stands following England's 2-1 victory.
"Nothing but respect for how that Slovakia team played tonight," he said with X.
UEFA began looking into the situation and wrote to Bellingham and England to request an explanation.
The midfielder is believed to intend to stick by his original justification—that his gesture was a joke—at first.
The investigators brought up Bellingham's potential suspension for Saturday's quarterfinal matchup against Switzerland in Dusseldorf.
However, a recent analysis indicates Bellingham will likely avoid a ban.
According to Bild (via the Daily Mail), Bellingham will receive a five-figure fine rather than a suspension.
It is believed that this is the anticipated result, in part because Slovakia is not looking for retribution.
Last season, Bellingham made a similar gesture to celebrate Real Madrid's last-minute victory over Barcelona; at that time, he was not the subject of an inquiry into his actions.
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