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Following the release of an investigation report, advertisements promoting fan tokens from London’s renowned football club Arsenal were banned.
Arsenal was chastised by the UK Advertising Standards Authority for promoting their fan tokens without disclosing the risks of investment. At the beginning of August, when the fan token launched, Arsenal’s official website promoted it as the following: “$AFC Fan Token: Everything you need to know.”
A week later, another post appeared on Facebook (NASDAQ:FB): “What song do you want to hear when we win? Download the Socios app to get your token and vote.”
The Advertising Standards Authority (ASA) claimed that Arsenal football club was irresponsible in exploiting fans who were mostly inexperienced in crypto investments.
The ASA also investigated whether the advertisements were deceptive because the club failed to disclose investment risks and failed to make it clear that the ‘token’ was a crypto asset. “Clubs should not be allowed to use football’s popularity to push an inherently high-risk product,” Tim Payton, a board member of the Arsenal Supporters Trust told BBC.
Story by : Norvisi Mawunyegah