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Arsenal in the limelight due to crypto adverts on its main website

Arsenal

TL;DR Breakdown

  • The ASA weighs down on Arsenal due to the belief that the team is misleading its customers through a risky crypto advert.
  • Arsenal confirms that it will seek an independent review of ASA’s ruling regarding the adverts posted in August.

According to the ASA, football club Arsenal misled its followers in August by posting crypto Ads on its website and Facebook page. They said that the club took advantage of the inexperience of its customers and endorsed crypto projects to them.

The ASA asked Arsenal to remove the adverts and to never repost them again in their official timelines and social media. However, the club now seeks to review the ruling by ASA.

The ASA confronts Arsenal over misleading crypto ads

The ASA claimed that two ads posted by Arsenal were risky since cryptos are not regulated in Britain and could have significant tax implications. They later ruled that the club must take down their posts and ensure to never repost them again in that form. It described the ads as irresponsible since they took advantage of consumers’ naïve nature and endorsed cryptocurrencies.

These ads were about a fan token; however, the club did not classify that token as a crypto project. As a result, the ASA considered them hoarding important information from their clients. Per the Financial Conduct Authority, fan tokens are crypto projects subject to high market variations, making them risky.

Per an Arsenal representative, the club seeks to review ASA’s decision independently. It is also ready to comply with the guidance of the ASA to perfect its advertisement. The representative added that the club is very serious about being responsible for how and what they are marketing to their fans. The spokesperson also said they reached out to their fans and explained more about the project.

Arsenal also addressed the ASA; these tokens are essential in boosting the inclusion of fans in a clubs’ governance. It also added that these tokens are different from typical cryptos since they are materially distinguished.

Sports clubs lead in crypto adoption through fan tokens

Crypto adoption is creeping into the sports sector at a fast rate. Some of the vital sport’s stakeholders, like athletes, want crypto salaries while the clubs are introducing fan tokens. Some clubs are also introducing NFTs of the critical moments of the club. Over forty clubs in South America and Europe have fan tokens. 

Major clubs like Manchester City and Everton already have fan tokens to their names in the English Premier League. PSG also has a fan token. This French club has a token worth an impressive $49 million. PSG also made a shocking move for Barcelona’s star Lionel Messi in a deal that includes paying part of his salary in cryptocurrencies. Arsenal also has a token worth $7 million. The ongoing developments in crypto adoption in the sports sector are encouraging, but only time will tell where it will end amid crypto regulation.

Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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