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.

The post UK’s Advertising Authority Orders Arsenal to Eliminate “Misleading” Fan Token Ad appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

McLaren’s token will become the first of its kind within the Formula 1 environment. However, sports fan tokens have been around for some time. Users can trade fan tokens on a crypto exchange for sports Chiliz or on other exchanges where they have their listings. According to CoinPedia, football club fan tokens have seen growth this month.

From the recent news on football fan tokens, Manchester City partnered with Socios, a tokenization platform, to launch its fan token $CITY. Other football clubs such as Barcelona, Juventus, and AC Milan also used this platform for launching their fan tokens, according to the source.  

In addition, a few days ago Cristiano Ronaldo became the first football player to receive a reward in crypto. Ronaldo received 770 Juventus fan tokens $JUV.

The post McLaren partnered with crypto exchange Bitci.com to launch a fan token appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.