The UK Advertising Standards Authority (ASA) has banned Arsenal’s two token campaigns for AFC fans. The regulator considered that they used the inexperience of users regarding cryptocurrencies, reports Evening standard…
The club’s Facebook and website posts included videos of players Ben White, Calum Chambers and Kieran Tierney warning fans of the risk of losing money and urging caution.
According to the regulator, the advertisement exploited the inexperience of users and presented investments in crypto assets as a simple matter, not sufficiently illustrating their risks.
Also, the club did not clearly clarify to fans that tokens are crypto assets, added to the ASA.
Arsenal explained that the AFC is designed to encourage fan engagement in club life and is different from the cryptocurrencies used for payments. The club said it reminded fans of the need for just one coin to vote.
The ASA referred to the opinion of the Financial Conduct Authority, which classifies utility tokens as cryptocurrencies. The financial regulator considers them to be a complex investment product, subject to volatility and potentially leading to large losses.
“We acknowledged that the ad did not promote fan tokens as an investment or financial product. However, they are crypto assets, and the advertisement did not contain any information that capital gains tax could be paid on the profit from investment, ”the ASA said.
The regulator concluded that “the advertisement was irresponsible and broke the rules.”
An Arsenal spokesman gave assurances that the club is committed to following the ASA’s recommendations.
“We will seek an independent review of the ASA’s decision to bring more clarity to the agency’s current position,” he added.
The ASA previously banned seven cryptocurrency-related advertising campaigns. The regulator also initiated an investigation into the marketing campaign of the Floki Inu meme token.
These actions of the department became part of a wider project, the result of which should be the emergence of a set of rules for advertising cryptocurrencies.
As a reminder, Arsenal has issued a token for fans on the Socios.com platform.
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The UK Advertising Standards Authority (ASA) has banned Arsenal’s two token campaigns for AFC fans. The regulator considered that they used the inexperience of users regarding cryptocurrencies, reports Evening standard…
The club’s Facebook and website posts included videos of players Ben White, Calum Chambers and Kieran Tierney warning fans of the risk of losing money and urging caution.
According to the regulator, the advertisement exploited the inexperience of users and presented investments in crypto assets as a simple matter, not sufficiently illustrating their risks.
Also, the club did not clearly clarify to fans that tokens are crypto assets, added to the ASA.
Arsenal explained that the AFC is designed to encourage fan engagement in club life and is different from the cryptocurrencies used for payments. The club said it reminded fans of the need for just one coin to vote.
The ASA referred to the opinion of the Financial Conduct Authority, which classifies utility tokens as cryptocurrencies. The financial regulator considers them to be a complex investment product, subject to volatility and potentially leading to large losses.
“We acknowledged that the ad did not promote fan tokens as an investment or financial product. However, they are crypto assets, and the advertisement did not contain any information that capital gains tax could be paid on the profit from investment, ”the ASA said.
The regulator concluded that “the advertisement was irresponsible and broke the rules.”
An Arsenal spokesman gave assurances that the club is committed to following the ASA’s recommendations.
“We will seek an independent review of the ASA’s decision to bring more clarity to the agency’s current position,” he added.
The ASA previously banned seven cryptocurrency-related advertising campaigns. The regulator also initiated an investigation into the marketing campaign of the Floki Inu meme token.
These actions of the department became part of a wider project, the result of which should be the emergence of a set of rules for advertising cryptocurrencies.
As a reminder, Arsenal has issued a token for fans on the Socios.com platform.
Subscribe to Cryplogger news on Telegram: Cryplogger Feed – the entire news feed, Cryplogger – the most important news, infographics and opinions.
Found a mistake in the text? Select it and press CTRL + ENTER
