(Bloomberg) — Two promotions from Arsenal Football Club Plc trivialized investment in cryptoassets and were misleading about the risks, U.K. advertising watchdog said on Wednesday.
Fan tokens have been on the rise in sports clubs in Europe — including FC Barcelona or Paris Saint Germain — and more recently in the U.S. Their creators portray these cryptocurrencies as a way for clubs to further engage with fans.
However, Arsenal should have made clear warnings of the risks about these types of investments, the U.K.’s Advertising Standards Authority ruled on Wednesday.
An Arsenal spokesperson said the club would ask for an independent review of the ruling.
Token holders can vote on things such as what song will play in the stadium while the players warm up, the decoration of the changing room wall, and participate in raffles with prizes like tickets or a ‘meet & greet’ with the players.
Read more: Crypto and Sports: A Marriage Made in … Well, We’ll See
“The ads must not appear again in the form complained about,” the ruling said. The regulator told Arsenal “to ensure that their future ads did not trivialise investment in cryptoassets and did not irresponsibly take advantage of consumers’ lack of experience or credulity.”
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