UK ad watchdog bans crypto ads from Arsenal
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Answer UK ad watchdog bans crypto ads from Arsenal
The United Kingdom’s advertising watchdog (ASA) has banned two ads offered by Premier League football club Arsenal.
The ban is due to the adoption of advertisements that attract the public to the crypto arena in a misleading manner.
The ASA has deemed that advertisements for fan tokens are misleading to fans and contain many investment risks.
The first announcement, posted on August 6, 2021, described the digital token and how it can be used within the Socios app.
Six days later, a second Facebook ad was uploaded showing Arsenal players Ben White, Calum Chambers and Kieran Tierney promoting the digital token, along with text briefly explaining the cryptocurrency, the Chiliz ($CHZ) platform, and the Socios app.Read:Litecoin intends to make drastic updates regarding the digital currency (LTC)
Ban misleading crypto ads:
Despite an appeal lodged after the complaint last year, the ASA upheld its decision that the two ads were misleading because they failed to explain the investment risks and that the ad was irresponsible because it exploited consumers’ inexperience in the crypto space.
Arsenal initially appealed the decision, saying the warnings were sufficient and that their fans were familiar with cryptocurrencies.
The club also attempted to argue the point that there is no regulatory basis for including information regarding capital gains taxes incurred from trading tokens, despite being crypto assets, and therefore subject to these rules.
The court upheld the complaint and rejected Arsenal’s appeal.
The ASA said the Arsenal FC ad was misleading because it did not make clear that the digital tokens were crypto assets, which could only be obtained by opening an account with a cryptocurrency exchange and, in the case of paid fan tokens, required the purchase of another cryptocurrency to obtain them. .Read:Ex-Ethereum advisor arrested for extortion
The UK’s advertising watchdog has ruled that ads must not reappear in the form in which the complaint was made.
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