The U.K. Advertising Standards Authority (ASA) has banned two ads promoting AFC, the fan token launched by famous football club Arsenal, ruling that the promos are “irresponsible” and “misleading.”
“Because the ads trivialised investment in cryptoassets and took advantage of consumers’ inexperience or credulity by not making clear that CGT [capital gains tax] could be payable on profits from investing, we concluded the ads were irresponsible and breached the Code,” the ASA stated.
We’ve published 25 rulings today, including one which bans posts by Arsenal for taking advantage of consumers’ inexperience in cryptoassets. @BBCNews https://t.co/UohrSDudg3
— ASA (@ASA_UK) December 22, 2021
According to the ruling, the ads in question were posted on Arsenal’s Facebook page on August 12 as well as on the club’s website on August 6. The first one stated that “$AFC is now live $CHZ” and invited users to “download the Socios app to get your token and vote.”
The se
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