The United Kingdom’s advertising regulatory body, the Advertising Standards Authority (ASA), has affirmed its judgment against Arsenal Football Club’s marketing effort for their supporter token, rejecting all challenges to the primary decision.
The advertisements, which were displayed in August, were deemed to be careless and deceptive in their promotion of a digital currency product known as ‘Arsenal Fan Tokens’. The ASA objected to how these promotions, appearing on Arsenal’s Facebook profile and official website, minimized the hazards linked with cryptocurrency investment and targeted audiences who might not completely grasp what they were purchasing.
In essence, the ASA contended that Arsenal neglected to clearly convey that ‘fan tokens’ are crypto assets, necessitating consumers to establish an account and trade another cryptocurrency to even acquire them.
Arsenal, in collaboration with fan token developer Socios, contested the ASA’s conclusions. The club maintained that ‘fan tokens’ are distinct because they are ‘utility tokens’ intended to enhance fan interaction, not a digital currency utilized for payment. Nevertheless, this argument did not convince the ASA, which stood by its initial ruling.
The Gunners contended that supporters were fully cognizant that a single token sufficed for participation in club surveys, and that the promotional content advocated for prudent acquisition. They stressed that the intended demographic possessed cryptocurrency expertise and underscored Socios’ solid standing within the football realm.
Nevertheless, the Advertising Standards Authority (ASA) remained unconvinced. They dismissed Arsenal’s assertion that the crypto market is readily comprehensible, noting that the promotions clearly entailed financial investment.
Consequently, the ASA prohibited further display of the advertisements and cautioned Arsenal against future promotions that might trivialize investment risks or capitalize on consumer naiveté.
