The United Kingdom’s Advertising Standards Authority (ASA) ordered Arsenal FC to remove fan token ads from their official Facebook account and website. The orders of removal were given because the football club was “misleading” investors with the advertisement.
According to the regulators, Arsenal played down the investment in crypto assets and took advantage of consumers’ credulity and inexperience. Further, stated by the regulators that Arsenal failed to illustrate the risk of the investment. They haven’t made the clear in their advert that the token was a crypto asset.
Currently, club fan tokens are becoming a famous trend amongst sports clubs globally. They are using the strategy to use new avenues to embrace the blockchain by bringing their fans closer. Furthermore, Arsenal launched their token at the start of the year.
Fan Token Advert On the Facebook
The club placed an advert on its webpage on August 6 and on its Facebook page on August 12. They’ve asked the fans to download the Socios app in order to have a say in the type of song when the club won home games. Also, the ASA totally agreed with the approach of the club as the users were already familiar with digital tokens
Moreover, in response, an Arsenal spokesperson told the Guardian that the club takes its “responsibilities with regard to marketing to our fans very seriously. We’ve carefully considered the communications to the fans regarding the financial risks and regarding our promotions.
Further, the club has complied with the ASA’s directive with respect to the removal of the ads. The crackdown echoes the supposedly zero-tolerance against all forms of adverts bordering on cryptocurrencies in the UK.
Lastly, the crackdown on Arsenal’s move towards blockchain and digital tokens indicates one or more related events to come as digital currencies carve their path into the mainstream financial world.
