Arsenal fan token ads banned by regulator
The UK authorities believe that it violates the country's legislation
23.12.2021 - 08:25
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What’s new? The Evening Standard reports that all Arsenal Football Club's advertising campaigns related to the promotion of the fan token have been banned in the UK.
What is the reason for the ban? According to the UK Advertising Standards Authority (ASA) representatives, the club has misled viewers and used their inexperience. The ads, featuring the top players, presented investments in cryptocurrencies as a simple and easy action. That said, the regulator believes that the users were not sufficiently aware of the possible risks.
The ASA pointed out that under UK law, the club's fan token represents cryptocurrency. That is, the advertisement should have included information “that capital gains tax could be payable on profits from investing.” The club representatives said they will comply with the regulator's decision.
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