Two Arsenal FC fan token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. ads were criticized by the UK regulator, which has already issued similar warnings.
La UK Advertising Standards Authority, ASA, strongly criticized some announcements of the Arsenal Fútbol Club, related to its fan token. He said the ads were irresponsible for trivializing investment in crypto assets.
El Arsenal FC is one of the UK’s leading football clubs, based in Holloway, London, England, which plays in the UK’s top flight of football, the Premier League. The team was reprimanded by the country’s advertising regulator for the “irresponsible” and “misleading” promotion of its amateur tab, launched on July 12 in partnership with Partners.
The publication of Facebook, which appeared on Aug. 12, said that fans holding the AFC $ token could vote on which song the club would play in the event of a win. The website page appeared on Aug. 6 and claimed to explain “Everything you need to know” about the token.
According to the ASA, both (football club and company Socios ) were irresponsible for trivializing crypto-asset investing and not illustrate the investment risk. He assures that the publication of Facebook was misleading because it did not make it clear that the fan tokens were crypto assets to be purchased with cryptocurrencies.
Arsenal said the tokens differed from cryptocurrencies, which are a means of payment, as they were designed for entertainment and to encourage fan engagement. At the time the ads appeared, the tokens could not be traded on the app. Socios . The club also denied that the ads were for cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. investments.
ASA and crypto promotion in UK
The rise of cryptocurrency and asset promotions has caught the attention of the ASA. Earlier this month, the regulator censored seven advertisements from industry participants including Coinbase, Kraken y eToro as well as a promotion of the pizza chain Papa John’s.
After the evaluation, the ASA said the ads were “misleading” and that “ irresponsibly take advantage of consumers’ inexperience and fail to illustrate the risk of the investment”.
In addition to giving specific instructions to each company on what it must do to meet its advertising standards in the future, the ASA ordered in all cases:
The advertisements must not reappear in the reported format.
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