Cryptocurrency advertisements have been a controversial subject throughout 2021. From the Indian Prime Minister speaking against aggressive crypto marketing to the government of the UK imposing a ban on crypto advertisements, there have been many developments.
Celebrities and popular organizations advertising crypto has also been a reason for controversy. In the past, star footballer of Spain, Andres Iniesta, was sent a warning notice from Spanish authorities for promoting Binance on his Twitter handle. The newest football club to land in trouble regarding crypto promotions is Arsenal, a top sports club in the UK.
The trouble began when the Advertising Standards Authority (ASA) of the UK banned an advertisement on the Facebook page of Arsenal FC. Earlier this year, Arsenal had partnered with blockchain firm Chiliz and talked about the same on the club’s social media handles. Chiliz and Arsenal also launched a fan token for football fans to buy. Arsenal FC promoted this token ($AFC) on their Facebook page, and that caught the attention of the Advertising Standards Authority. The ad was banned from Facebook, and the ASA claimed that it does not adhere to advertising community guidelines. The reason cited behind the ban is the absence of any warning of the financial risks involved in the token.
Rules of the Advertising Standards Authority make it compulsory for all financial advertisements to mention the risks associated with them. It is still unclear whether the ban will be permanent or only until a warning label is added to the promotion.
