Despite the latest objection from Premier League teams Arsenal, an independent body has upheld the British Advertising Standards Authority’s (ASA) decision regarding online advertisements for the club’s fan tokens.
Arsenal Allegedly Didn’t Explain Risks In Enough With Fan Tokens
In a statement on Wednesday, Arsenal’s cryptocurrency It was stated that the investments made ordinary and encouraged consumers to make high-risk investments, but the risks of paid fan tokens were not mentioned in the advertisements.
The complaint concerned content that was posted on Facebook and the club’s website in August 2021 promoting the fan token AFC. The token, which gives its holders voting rights for certain club decisions, could only be purchased on the Socios app using the altcoin Chiliz.
Many companies, including Kraken and Coinbase, had caught the attention of the ASA last year for their cryptocurrency-related advertisements.
A growing number of cases led the ASA to publish guidance on crypto advertising in March, which recommended companies to make clear some aspects of crypto assets, including that they are unregulated.
Arsenal told The Telegraph that they were disappointed with the result and have followed the ASA’s guidance since the initial decision:
“We have made it clear from the beginning that we take our responsibilities in advertising for our fans very seriously. In this case, we have carefully considered the information we provide to our fans regarding our promotions and have informed them about the financial risks.”
According to data from CoinMarketCap, the price of Arsenal’s AFC token has slumped from its high of $6.07 in November last year to $1.89 as of today.
*Not investment advice.
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