The Advertising Standards Authority (ASA), an advertising monitoring agency in the UK, is reviewing inappropriate cryptographic ads.
Earlier this year, Arsenal became one of several football clubs to partner with blockchain company Chillies and launch fan tokens. On August 12 of this year, the club advertised its AFC fan token on its official Facebook page, which was blocked by the ASA for violating advertising rules. The agency said the publication did not highlight investment risks.
In another case, according to a BBC report, an observer claimed that the content of content on the official Arsenal website – specifically, the page titled “$ AFC Fan Token: Everything You Need to Know” published on August 6, 2021 – was violated. Advertising rules.
Both ads were irresponsible and took advantage of the lack of customer experience by making it easier to invest in cryptocurrencies, the adviser said. The BBC quoted a spokesman for Arsenal FC as saying: “We take our responsibility to the fans seriously,” he praised all communication with fans about the proposals and provided information on financial risks.
ASA’s recent regulatory action complements a series of similar decisions taken earlier this year as the authority closely monitors and suppresses misleading advertisements for cryptocurrencies. An independent advertising agency recently canceled cryptocurrency-related advertising campaigns for several key players in the industry, including Coinbase and Kraken. The ad states that “consumers are being exploited irresponsibly and because they do not portray investment risks”.
In May, the ASA removed the Luno Stock Exchange advertising campaign, which featured an image of Bitcoin (BTC) used on posters on the subway, saying, “If you see Bitcoin on the subway, it’s time to buy.”
Arsenal is one of the many top football clubs that has worked with blockchain companies to create fan tokens. The English Premier League football club in West Ham United, London has launched the 2019 fan token ecosystem in association with blockchain platform Socios.com.
The Bundesliga giant FC Bayern Munich is no stranger to blockchain projects as it got along with Striking Entertainment last fall to create digital collectibles for its players.