Watchdog says Arsenal fan’s token post broke advertising rules

Post by Premier League club Arsenal A watchdog has ruled that fan token advertising broke the advertising rules.

The UK Advertising Standards Authority (ASA) said Arsenal had “taken advantage of consumer inexperience” in cryptocurrencies.

Posts, appearing on Arsenal’s Facebook page and website and featuring three first-team players White Ben, Kieran Tierney and Calum Chambers, is promoting the club’s partnership with fan card issuer Socios.

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Arsenal says the crypto-based fan token aims to increase fan engagement by allowing holders to vote exclusively on minor club issues. Premier League champions Manchester City and Italian club AC Milan have also rolled out fan cards this year.

Fan tokens can be traded on digital exchanges and like other cryptocurrencies like bitcoin and NFT (non-fungible token), have a tendency to fluctuate wildly. wild, prompting some regulators to issue warnings to investors.

In its posts, Arsenal reminds fans that they can lose some or all of their investment in the product and that they should only spend what they can afford.

In its ruling, the ASA stated: “We acknowledge that the advertisements do not promote fan tokens as an investment or financial product.

“However, the product is a cryptocurrency regardless of how it is promoted, and the advertisements do not contain any information that Capital Gains Tax (CGT) may be charged on profits from the sale. invest in cryptocurrencies.

“Therefore, because the advertisements trivialize the investment in crypto and take advantage of the consumer’s lack of experience or reliability by not explicitly stating that CGT can be paid on profits from investment, we have concluded that the advertisements are irresponsible and violate the Code.”

An Arsenal spokesman said: “We take our responsibility to market to fans very seriously. We have carefully reviewed communications to fans about our promotions and provide information related to financial risks.

“We will strive to comply with ASA guidance regarding future communications in this fast-moving area, however we will seek an Independent Review of the ASA ruling to find more clarity on the ASA’s current position.”

https://www.espn.com/soccer/arsenal-engarsenal/story/4554704/arsenal-fan-token-posts-broke-advertising-rulessays-watchdog Watchdog says Arsenal fan’s token post broke advertising rules

Jake Nichol

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