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Highlights
- The UK’s advertising watchdog ASA came down hard on Arsenal football club for promoting their fan token ads irresponsibly.
- The ASA felt that the club failed to demonstrate the risks associated with crypto investments and ordered the club to retract its ad.
- Arsenal on its part took the responsibility of the matter, adding that it will be conducting an internal inquiry of the ruling.
The Advertising Standards Authority (ASA), UK’s independent advertising regulator, has been keeping a strict vigil on crypto companies. Of late, the ASA has come down heavily on companies which have been recklessly putting up misleading and irresponsible ads. After reprimanding seven crypto firms for breaching the UK ad laws, the regulator has now rebuked leading football club Arsenal for blatant disregard to ASA rules.
Arsenal Football Club has been accused of promoting its fan token AFC, both on Facebook as well as on its website. Last week, ASA had taken strict stance against seven firms which included the likes of Coinbase, Kraken, eToro etc. The Advertising Standards Authority stated that two Arsenal advertisements breached the UK marketing rules.
Did Arsenal fail to illustrate the risk?
The football club in August earlier this year, had run a promotion campaign of its fan token. However, the ASA felt that the club failed to demonstrate the risks associated with crypto investments and ordered the club to retract its ad.
Also read: Why MonkeyBall (MBS) Token is trending today?
The North London club had first published the ad on its official website on 6 August with a title, ‘AFC Fan token: Everything you need to know’. The second ad appeared on the Facebook page of the club, wherein it urged the investors to download the Socios to get their exclusive fan token. However, both the ads failed to put up a disclaimer which stated the risks of cryptocurrency investment.
Arsenal, on its part, took the responsibility of the matter and added that it will be conducting an internal inquiry of the ruling. Though it added that the club had given all information on the financial risks of investing in cryptocurrency. The club in a carefully worded reply to the ASA stated that the products were mainly to encourage fan participation and in principle its quite different from traditional crypto investments.
Arsenal crypto ad ban raises more questions on fan tokens
Fan tokens under scanner
Sports teams launching their fan tokens as a medium of exchange has always been a touchy subject. Many sceptics believe that such tokens often encourage people to engage in the risky and largely unregulated cryptocurrencies.
Although Arsenal didn’t promote the fan tokens as an investment product, the ASA said that the club should have been more wary of current facts that these products are not regulated, hence carries the element of risks. Besides, in case of fraud, the investors cannot voice their opinion for the same.
Also read: Will SuperFarm (SUPER) token go beyond $10 by 2022?
Having said that, more and more sports clubs across the world are exploring the world of fan tokens at present. In fact, Europe’s leading clubs such as Watford, Barcelona, Manchester City, Juventus, and likes are already involved in some form or the other crypto advertisement.
Conclusion
The latest crackdown showcases how serious the Boris Johnson government, or the regulatory authorities are trying to protect investor money and rights. The ASA’s crackdown extending it to cryptos could also be a signal how going forward cryptos would be regulated in the country. Although there is no consensus on the crypto regulations, but it surely sends a signal to other crypto firms to carefully market their respective products or face a ban.
