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Monday, May 23, 2022

Arsenal soccer club data files dispute with ASA around several crypto adverts considered irresponsible

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The Advertising Standards Authority (ASA), a body that oversees advertising in the UK, has decided to now target cryptocurrency advertising. She just took on the Arsenal club fan token project by removing ads from the one for non-compliance. Following the ASA decision, the City of London club said they would appeal the decision and said they had provided additional information regarding the financial risks.

Ads that did not highlight the risks of investing
Arsenal this year became one of several football clubs to collaborate with the Chiliz Company on the launch of their Fan Token. Dubbed the AFC Fan Token, it was featured in an advertisement posted on the club’s Facebook page in August, which was ultimately banned by the ASA. In particular, the agency argued that it did not highlight the risks associated with the investment. Another ad that ran on the official Arsenal website with the title AFC Fan Token: Everything you need to know, also suffered the same fate.

This time, the regulator insisted that the content violated the rules of advertising. He added that both advertisements were irresponsible and took advantage of consumers’ inexperience while trivializing cryptocurrency investments. Approached by the BBC, an Arsenal official nevertheless assured that the club had sufficiently spoken to its fans on the subject. “We take our responsibilities to our fans seriously. We have assessed all communications with fans about the offers and made information about the financial risks available to them, ”he said.

Cryptocurrency exchanges also targeted by the ASA
The latest regulatory actions from the ASA build on a series of similar decisions taken earlier in the year. In particular, the Agency has zealously pursued deceptive cryptocurrency advertisements and worked to eliminate them. It has thus removed a number of advertising campaigns related to cryptocurrencies for several major players in the sector, including Coinbase and Kraken. In May, the ASA withdrew the Luno exchange ad campaign, which consisted of an image of bitcoin posted on subway posters with a message urging the public to buy it.

Advertising campaigns around cryptocurrencies have been particularly monitored this year by the authorities of the United Kingdom. Independently of the actions of the ASA, the British government thus had a Floki Inu advertising campaign banned from London underground stations.

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