The UK’s Advertising Standards Authority (ASA) has banned crypto-based fan tokens promoted by Arsenal football club on its website and Facebook page.
The Advertising Standards Authority (ASA) said the ad for broke its rules.
The Arsenal fan token is the first against which the ASA has taken action as many top-tier football clubs offer fan tokens.
Yahoo Finance reports that
Arsenal partnered with a company called Socios to provide fans with access to a digital platform where they could interact with each other and collect tokens.
One of the ads in question stated that Arsenal players Ben White, Calum Chambers and Kieran Tierney “have had their say, But what song do you want to hear when we win? Download the Socios app to get your token and vote.”
Arsenal has said the tokens were not promoted as financial products or an investment vehicle but the ASA told Arsenal that future ads “must not not trivialise investment in cryptoassets” or “irresponsibly take advantage of consumers’ lack of experience or credulity by not making clear that capital gains tax could be due on cryptoasset profits.”
The ASA also told Arsenal that it needs to make it clear that cryptoassets are unregulated and not omit important information like the fact that fan tokens have to be bought using a cryptocurrency.