The UK Advertising Standards Authority has banned two ad campaigns to promote Arsenal FC fan tokens.
According to The Guardian, the football club advertised on Facebook the purchase of AFC tokens issued on the Socios platform. However, according to the regulator (ASA), the ads misled investors. In addition, the announcement did not clearly explain that AFC tokens are crypto assets and investors are at risk of losing all their money. The regulator put forward similar claims regarding advertising on the football club’s website.
Arsenal representatives believe that there was no violation of the law. The AFC fan token, according to the club, is intended to “raise awareness of opportunities for interaction with the club, such as the right to vote in decision-making.” In addition, the tokens were not advertised as an investment asset. The Socios platform and the tokens based on it are “well known in the fan community.”
It seems that Arsenal’s statements did not make an impression on the regulator. The club was accused of “exploiting the inexperience and gullibility of consumers, misleading them about the risk of investment.” The UK Advertising Standards Authority has banned ads and warned Arsenal’s management to no longer participate in fundraising through cryptocurrencies.
At the end of October, the AFC token rate exceeded $ 7, but since then it has been steadily declining. On December 20, the token bottomed out at $ 2.82, but at the time of publication it had recovered to $ 3.5.
As a reminder, the UK advertising regulator previously banned announcements on six cryptocurrency platforms. Coinbase Europe, Kraken, eToro, Luno Money, Exmo and Coinburp were banned.
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