Arsenal Football Club has criticized the ‘intentional’ token advertising of tokens

The UK advertising agency has criticized the Arsenal football team for promoting “sports shows” in recent attempts by cryptocurrency brokers and other promoters.

The Advertising Standards Authority on Wednesday said it had investigated two Arsenal advertisements that took place online in August and found them to be “irresponsible” and in violation of UK law.

The verdict against Arsenal, which follows a a list of similar measurements last week, comes at a time when the growing number of crypto services companies and tokens alone is increasing their sales to game enthusiasts.

ASA told the Financial Times last week that expanding its cryptocurrency decisions to include more cryptoassets, such as fan tokens, will be on display for their new year.

Arsenal this summer posted an ad on his page and on Facebook promoting his brand under the $ AFC logo, according to ASA. Fans wishing to purchase tokens, which allow owners to test legitimate club options, should first purchase digital currency called Chiliz through the crypto Socios platform. The more fans there are, the more votes their votes will be.

Advertising on the Arsenal page also included revelations, including a warning that fan price “depends on availability and demand, as a result of which it can go up and down”. It also states that owners “should know that they may lose some or all of their investment money”. Facebook ads, which were posted later, did not include those warnings.

The ASA confirmed that the ads had “reduced costs in cryptoassets” and that they were “misleading” by failing to reflect financial risk.

Arsenal told the Financial Times that it was planning to seek an independent review of directors, “to get a better understanding of what ASA has”.

The club added that it took “its responsibility in terms of advertising to our fans seriously”. He also argued, in response to ASA, that the product was “a tangible symbol used to encourage fan participation and thus was very different from crypto currencies”.

Although the tokens were not advertised as financial assets, ASA maintained that Arsenal should show that crypto assets are not regulated in the UK, as it means that the assets do not have the safety of consumers who come with a lot of cash flow vehicles.

Socios said it had produced more than 40 football fans, including Paris Saint-Germain and Manchester City. It has more than 1.3m users from 167 countries.

The platform allows crypto lovers and traders to think critically and sell fan tokens. Chiliz Digital Currency is a major exchange platform on its platform, but digital currency can also be traded on major crypto currencies such as Coinbase and Binance.

When the money for football clubs he hit in the epidemic, fans of tokens have increased. Their total market capitalization is $ 225m, according to CoinGecko data analyst.