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British watchdog censures soccer club Arsenal over crypto token ads
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moneycontrol.comBritain's advertising watchdog warned Arsenal on Wednesday over ads for its "fan tokens," a type of cryptocurrency embraced by soccer clubs this year as coronavirus pummelled their revenues.
The Advertising Standards Agency (ASA) said two ads posted in August on Arsenal's website and on Facebook were "misleading" as they did not make clear the risk of trading crypto, potential tax implications or that the tokens are not regulated in Britain.
It said the ads must not appear again in the same form.
Fan tokens allow supporters of soccer and other sports clubs to vote on minor decisions such as songs played at matches after a goal is scored, or images used on social media.
The tokens, which can be traded on exchanges like other cryptocurrencies,
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