Advertising Standards Authority (ASA), the agency that oversees advertising in the UK. It is cracking down on non-compliant crypto advertising. The latest is Arsenal.
Earlier this year Arsenal was one of several football clubs to partner with. Chiliz The blockchain company and its Fan Token launched on Aug. 12 this year, where the club promoted the AFC token on its official Facebook page. This led to a ban from the ASA because it was viewed as violating the advertising rules. The agency said the post did not highlight the risks associated with investing.
followreport of BBC agencycheck claims The topic of content on Arsenal’s official website, in particular the page published on August 6, 2021 titled “$AFC Fan Token: Everything You Need to Know” — is in violation of the Advertising Rules.
“Both ads are irresponsible and take advantage of the consumer’s inexperience. At the same time, it makes crypto investments a no-brainer.” The BBC was quoted as saying by the official Arsenal Football Club, “We take our fans very seriously,” adding that they has assessed all communications with fans regarding the offer and provided information on available financial risks.
Arsenal is one of several leading football clubs that have partnered with blockchain companies to create Fan Tokens, including West Ham United — the English Premier League football club based in London, also partnering with the blockchain platform. Socios.com to Launch Fan Token Ecosystem in 2019
In May, the ASA removed an ad campaign for the Luno exchange, which featured a poster of Bitcoin (BTC) in subways stating: “If you see bitcoin underground, It’s time to buy.”
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