The UK's Advertising Standards Authority (ASA) has issued a warning to Arsenal FC over "misleading" Facebook post advertising fan tokens called the Arsenal Fan Token (AFC). The ASA says the ads were irresponsible because they "took advantage of consumers' inexperience or credulity" and trivialized investment in cryptocurrencies.
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"The ads appeared on the Arsenal website and Facebook page and were therefore likely to have been seen by a general audience including consumers who did not have financial knowledge and experience of cryptoassets," the regulator said.
The UK's watchdog warned the ads must not appear again in the form complained about. The warning comes just a few weeks after the regulator issued the same statements to Coinbase, eToro, Luno and others claiming the companies failed to publish responsible advertisements because they "took advantage of consumers' inexperience or credulity."
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