Arsenal crypto fan token breached rules, UK advertising regulator says

The Advertising Standards Authority of the United Kingdom has found that Arsenal, an English football club, has infringed advertising guidelines. 

The infractions are related to a post on the club’s official website as well as its Meta page.

According to ASA, Arsenal infringed advertising regulations by marketing a cryptocurrency token for fans. 

Misleading ads

Per the watchdog, the Arsenal fan token was pushed incorrectly via a web page and a Meta post.

As per ASA, the football club “failed to explain the risk of the investment” and “must not appear in the form complained about again.” Arsenal has acknowledged that there are financial concerns involved and that it will seek an independent evaluation of the situation.

The ticker for the Arsenal fan token is $AFC. According to the ASA, the infractions involved the advertising of $AFC on Arsenal’s main website as well as the club’s Meta page. The ASA stated that these two posts raised concerns about irresponsibility and misled viewers.

The ASA stated, “Football clubs must clearly inform viewers that fan tokens are crypto assets.”

Sports club tokens becoming popular

The United Kingdom has been cautious about cryptocurrencies and related ads. The ASA recently banned many advertisements and issued a warning about cryptocurrency ads.

Sports has long been regarded as a sector in which crypto assets might be extremely valuable. 

It taps into the collective spirit of sports fans and can be quite beneficial to individuals who are ardent supporters of their clubs or teams

Millions of dollars have already been raised for football clubs thanks to fan tokens.

 

Image courtesy of Cointelegraph News/YouTube

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