Football club Arsenal’s fan token ads banned, accused of taking advantage of investors

Taking action on crypto content, Britain’s advertising watchdog has taken action on Premier League football club ‘Arsenal’. Ads promoting Arsenal’s fan tokens have been banned. The Advertising Standards Agency (ASA) raised the issue of an ad published on Arsenal’s Facebook page in August. It encouraged people to buy AFC fan tokens. The regulator has accused Arsenal of taking advantage of inexperienced investors, trivializing digital assets investment.

The ASA wrote in a statement that it has asked Arsenal Football Club PLC to ensure certain things. He must ensure that in future his ads will not trivialize investments in crypto assets. Will not take advantage of the lack of consumer experience. Upcoming ads should not be like any complaint.

An Arsenal spokesperson told the Financial Times that the club takes its marketing responsibilities seriously. We had informed the fans about the financial risk in our promotion.

The spokesperson said that we will try to follow the guidance of ASA in this fast growing sector. However, we will seek an independent review of the ASA’s decision.

Meanwhile, the ASA has stated that the token was not advertised as a financial token. Arsenal should have indicated in their ad that crypto assets are unregulated in the UK.

In defense of the Fan Token promotion, Arsenal pointed to information on the Fan Token section of their website. It has been warned that fans should not spend more.

Pizza chain Papa John’s, Coinbase and eToro were also summoned by the regulator last week amid actions being taken by the watchdog. The regulator banned all these ads that failed to explain the risk of investing in crypto.

Fan tokens have grown in popularity among football clubs in Europe. Socios Socios alone has created tokens for over 40 football clubs including Paris Saint-Germain, Juventus and Manchester City.