UK Advertising Watchdog bans Arsenal Crypto Fan Token

The United Kingdom has banned the soccer club, Arsenal’s fan token. The Advertising Standards Authority ruled out the advertisements as irresponsible. The ads appeared on Arsenal’s website and Facebook page.  

The ASA said that posting these advertisements on the website and Facebook page of the soccer club is irresponsible as it can misguide the customers that are new and do not have much knowledge about investment in crypto assets. 

Arsenal launched the $AFC Fan tokens with Socios, a fan engagement platform. The fans can buy the cryptocurrency on the platform by using Chillz cryptocurrency. Arsenal has claimed that the cryptocurrency was to encourage fan participation and would give them certain voting rights on the official club decisions. 

The ASA also said that the risk warning was mentioned at the bottom of the and considered that the customers can engage in without paying much attention to the warning.

Arsenal has released a statement saying that they take the full responsibilities regarding marketing to the fans very seriously. The club also said that they will make sure to provide fans with all the information regarding financial risk.