The United Kingdom’s advertising regulatory body, the Advertising Standards Authority (ASA), has maintained its decision against Arsenal Football Club concerning promotional content for their supporter token. In August, the ASA deemed Arsenal’s advertisements, displayed on their website and Facebook page, to be irresponsible and deceptive in their explanation of the hazards linked to cryptocurrency. The ASA objected to the promotions’ minimization of the dangers involved in crypto investment, particularly for novice investors, and their lack of clarity in explaining that the fan token was a crypto asset necessitating the purchase of a separate cryptocurrency for acquisition. Arsenal, in partnership with the fan token platform Socios, contended that their supporter token aimed to enhance fan interaction and should not be categorized as a conventional cryptocurrency. Nevertheless, the ASA disagreed, leading to Arsenal’s unsuccessful appeal on all grounds.
The North London football team, Arsenal, drew flak for their promotional tactics surrounding fan tokens, a form of digital currency. Although the club maintained they were transparent about fans only requiring a single token for engagement in club surveys and advocated for prudent acquisition, the UK’s advertising authority dissented. The regulatory body believed Arsenal minimized the intricacies of crypto and overstated the investment aspect. Consequently, Arsenal received instructions to withdraw the advertisements and guarantee that upcoming campaigns refrain from trivializing investment or exploiting supporters who might not fully comprehend the inherent hazards.
