Adverts promoting fan tokens from London’s celebrated football club Arsenal were banned after an investigation report. Arsenal was rebuked by the UK’s advertising regulator for blindly marketing their fan tokens, without mention of investment risks.

At the beginning of August, when the fan token launched, Arsenal’s official website promoted it as the following: “$AFC Fan Token: Everything you need to know.” A week later, another post appeared on Facebook (NASDAQ:): “What song do you want to hear when we win? Download the Socios app to get your token and vote.”

Advertising Standards Authority (ASA), argued that Arsenal football team was reckless for exploiting fans who were mostly uninformed in cryptocurrency investments. ASA also investigated that the adverts were misleading, as the club didn’t inform about investment risks, and didn’t make clear the ‘token’ was a crypto asset.

“Clubs should not be allowed to use football’s popularity to push an inherently high-risk product,”
BBC interviewed Tim Payton from the Arsenal Supporters Trust, who was a board member.

Flipside

• BBC News stated that Lazio was the club with the highest revenue from crypto-tokens. It stands at $130 Million.
• Many football fans spend millions each year on fan tokens.

EMAIL NEWSLETTER

Get the other side of crypto!

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
With just one click, you can unsubscribe at any time.

Continue reading on DailyCoin