Following the ASA’s decision, English football club Arsenal announced it would appeal.
ASA removes campaigns from Arsenal
The Advertising Standards Authority, ASA, is a body that oversees advertising in the United Kingdom. ASA takes action against irresponsible crypto advertisements.
Earlier this year, Arsenal entered into a partnership with blockchain company Chiliz, along with many other football clubs. With this collaboration, the football club launched a phantoken. On August 12, the club promoted its fan token AFC on its official Facebook page. However, this ad has been banned by the ASA for violating its ad rules. The agency stated that the post did not highlight the risks of investing in cryptocurrencies.
According to a report from the BBC, the ASA alleges that content on Arsenal’s official website violated advertising rules. Specifically, it concerns the page published on August 6, 2021, with the title “$AFC Fan Token: Everything You Need to Know”.
— ASA (@ASA_UK) Dec 22, 2021
According to ASA, both commercials were irresponsible and Arsenal took advantage of consumers’ lack of experience. The BBC quotes an Arsenal Football Club official as saying:
“We take our responsibilities to our fans seriously.”
He added that they have been reviewing all communications with fans about advertising. In addition, they have made all information about financial risks available.
Multiple crypto ads removed
The ASA’s latest measures follow a series of similar decisions made earlier this year. The independent advertising authority recently removed a number of crypto-currency-related ad campaigns from several major industry players, including Coinbase and Kraken. It stated that the ads irresponsibly capitalized on the consumer’s inexperience and failed to demonstrate the risk of the investment.
In May, the ASA removed the ad campaign from Luno Exchange. The ad was a photo of Bitcoin used on subway posters that read, “When you see the Bitcoin in the subway, it’s time to buy it.”
Arsenal is one of the many top football clubs that is collaborating with blockchain companies to create a phantoken. West Ham United, a football club based in London, teamed up with blockchain platform Socios.com to launch a fan token in 2019.
Bundesliga club FC Bayern Munich teamed up with Stryking Entertainment to create digital collectibles of its players.