UK Advertising Standards Authority Says Club Did Not Notify Potential Investors Of The Risks Of Cryptocurrency Investments
The UK Advertising Standards Authority (ASA) has banned advertising of tokens from London’s Arsenal Football Club (AFC), The Guardian reported .
The regulator considered that the promotion of AFC tokens was proceeding with violations, since the project did not notify potential investors about the risks of investing in cryptocurrencies. The Arsenal football club plans to appeal the ASA’s decision.
Arsenal tokens are issued on the Socios.com platform, which cooperates with the most renowned football clubs such as Barcelona, Juventus, Roma, Atletico Madrid and others. On December 22, the AFC token is trading at $ 3.4. Over the week, the altcoin price has increased by 7%.
In December, the UK Advertising Standards Office identified abuses in seven cryptocurrency-related ad campaigns, believing that they did not adequately reflect investment risk.
The regulator imposed a ban on advertising of the European branch of the Coinbase crypto exchange, as well as the Kraken, eToro and EXMO Exchange trading platforms. The ASA also banned advertisements for crypto broker Coinburp and crypto exchanger Luno.