The Advertising Standards Authority (ASA), which regulates advertising in the UK, is cracking down on non-compliant cryptocurrency marketing.
Arsenal was one of many football clubs to work with blockchain technology Chiliz to establish a fan currency earlier this year. The club advertised its fan token AFC on its official Facebook page on August 12 this year. Which the ASA has since prohibited for allegedly violating its advertising guidelines. According to the agency, the article did not emphasise the investment’s hazards.
Additionally, according to a BBC report, the monitor claims that content on Arsenal’s official website, namely a page titled “$AFC Fan Token: Everything you Need to Know” published on August 6, 2021, violated advertising guidelines.
Both commercials, according to the ad watchdog, were reckless, exploiting consumers’ lack of knowledge while trivialising cryptocurrency investments. “We take our responsibility to our supporters seriously,” an official from Arsenal Football Club told the BBC. Added that they have assessed all of the fan messages concerning offers and made financial risk information available.
The ads campaigns Irresponsibly abusing buyers’ inexperience
The ASA’s new regulatory actions follow a series of similar rulings announced earlier this year. Moreover, the agency has been aggressively investigating and shutting down misleading cryptocurrency marketing. A number of cryptocurrency-related ad campaigns for numerous prominent industry firms, including Coinbase and Kraken, were recently deleted by the independent advertising body. Besides, according to the audit, the promotion is “irresponsibly abusing buyers’ inexperience and failing to disclose the investment’s danger”.
The ASA banned Luno’s ad campaign in May. Which included a picture of Bitcoin (BTC) on subway posters with the message, “If you see bitcoin on the Underground, it’s time to purchase”.
Arsenal is one of several top-tier football clubs that has partnered with blockchain businesses to create a fan currency. West Ham United, a London-based soccer team that competes in the English Premier League, joined with blockchain platform Socios.com to create a fan token ecosystem in 2019.
FC Bayern Munich is no stranger to blockchain ventures. Having collaborated with Stryking Entertainment last year to develop digital memorabilia featuring its players.