Cryptocurrencies
Arsenal Fan Tokens Broke Advertising Rules, U.K. Watchdog Says
- Soccer club should have warned of risks about this cryptoasset
- Ads said to take advantage of buyers’ inexperience, credulity
Photographer: Chris Ratcliffe/Bloomberg
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Two promotions from Arsenal Football Club Plc trivialized investment in cryptoassets and were misleading about the risks, U.K. advertising watchdog said on Wednesday.
Fan tokens have been on the rise in sports clubs in Europe -- including FC Barcelona or Paris Saint Germain -- and more recently in the U.S. Their creators portray these cryptocurrencies as a way for clubs to further engage with fans.