The UK Advertising Standards Authority has found that Arsenal, a UK football club, has violated advertising policies by marketing crypto tokens to fans.

The UK advertising regulator says Arsenal broke advertising rules while marketing crypto tokens

The violations concerned a post on the club’s official website and on the club’s meta page.

According to the ASA, Arsenal has violated advertising regulations by marketing crypto tokens to fans.

According to Watchdog, Arsenal fan tokens were falsely pushed through a website and post on Meta.

And the ASA, the football club had “not explained the risk of the investment” and the watchdog insisted, “must not appear again in the form of a complaint”. Arsenal have admitted they have financial concerns and will seek an independent assessment of the situation.

The code for the Arsenal Fan Token is $ AFC. The ASA said the violations involved promoting $ AFC on Arsenal’s main website as well as the club’s meta page. The ASA states that these two posts raise concerns about irresponsibility and mislead viewers.

The ASA states: “Football clubs must clearly inform viewers that fan tokens are crypto assets.”

Arsenal misleading marketing of crypto tokens to fans while sports club tokens are gaining popularity

Fan Token is a fan-only virtual currency designed to help them vote on some of the team’s minor issues. Similar to other virtual currencies, fan tokens can also be exchanged on exchanges.

The UK has been cautious about cryptocurrencies and related ads. The ASA recently banned many ads and issued a warning about cryptocurrency ads.

Sports have long been recognized as an area where crypto assets can be extremely valuable.

It picks up on the collective spirit of sports fans and can be very useful for individuals who are passionate about supporting their club or team.

According to the BBC, 24 clubs in some of Europe’s biggest leagues – such as the Premier League in England and La Liga in Spain – have launched fan cards.

Most fan tokens are just club-specific cryptos, but other clubs – like Manchester City – also sell NFTs. Socios – a company at the heart of the fan token boom – has sold around £ 300 million in club money to date.

Thanks to fan tokens, millions of dollars have been raised for soccer clubs.

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