Arsenal football club in dispute with ASA over ‘irresponsible’ crypto ad

Arsenal FC has been banned from showing its new cryptocurrency sponsorship deal on TV and radio stations in the United Kingdom. The football club is being investigated for promoting cryptocurrencies to children, a claim that Arsenal denies.

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The “afc token” is a cryptocurrency that was released by Arsenal football club to raise funds for their new stadium. However, the ASA has ruled that the ad was irresponsible and misleading.

Arsenal-football-club-in-dispute-with-ASA-over-irresponsible-crypto

 

The Advertising Standards Authority (ASA), which regulates advertising in the United Kingdom, is taking action against non-compliant cryptocurrency marketing. 

Arsenal is one of several football teams to cooperate with blockchain startup Chilliz and develop a fan token earlier this year. The club marketed their fan token AFC on its official Facebook page on August 12 this year, which the ASA has now prohibited for allegedly breaking its advertising guidelines. According to the agency, the post did not emphasize the investment’s hazards.

According to a BBC story, the monitor alleges that information on Arsenal’s official website – specifically a page published on August 6, 2021 with the headline ‘$AFC Fan Token: Everything you need to know’ – was in violation of advertising guidelines.

We’ve released 25 decisions today, including one that prohibits Arsenal from exploiting customers’ lack of knowledge about cryptoassets in their postings. @BBCNews https://t.co/UohrSDudg3

22 December 2021, ASA (@ASA UK)

Both advertisements, according to the ad watchdog, were reckless and exploited customers’ lack of expertise while trivializing crypto investments. According to the BBC, an official from Arsenal Football Club said, “We take our responsibility to our supporters seriously,” adding that they assessed all conversations with fans regarding offers and made financial risk information accessible.

The ASA’s new regulatory measures follow a flurry of similar rulings earlier this year, as the agency has been aggressively investigating and shutting down deceptive bitcoin 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. The advertising are “irresponsibly exploiting customers’ inexperience and neglecting to communicate the danger of the investment,” they claim.

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Another Luno exchange marketing campaign was withdrawn by the ASA in May. In metro posters, a graphic of Bitcoin (BTC) was utilized with the message: “If you see bitcoin on the Underground, it’s time to purchase.”

Arsenal is one of a number of top-tier football teams who have partnered with blockchain companies to develop a fan token. In 2019, West Ham United, a soccer club based in London that participates in the English Premier League, partnered with blockchain platform Socios.com to develop a fan token ecosystem.

FC Bayern Munich is no stranger to blockchain ventures, having collaborated with Stryking Entertainment last year to develop digital memorabilia of its players.

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The “Arsenal football club in dispute with ASA over ‘irresponsible’ crypto ad” is a dispute between Arsenal Football Club and the Advertising Standards Authority. Arsenal are being investigated for their recent advert which was deemed to be irresponsible. Reference: arsenal fan token contract address.

Related Tags

  • arsenal cryptocurrency
  • afc fan token price
  • chiliz
  • socios crypto
  • afc crypto

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