UEFA Champions League Football Club Receives Warning Over Socios Fan Tokens
Top football club Arsenal FC receives a second warning from the UK Advertising Standards Authority (ASA) over the promotion of its Socios non-fungible fan tokens during the 2022 Championship League. The advertising regulator believes the football club fails to attach risks associated with NFT fan tokens and trading unregulated crypto assets.
The UK Advertising Standards Authority had earlier warned several clubs including Arsenal, Manchester City, and others for promoting and marketing misleading crypto ads.
Socios.com is the official fan token partner and regional sponsor for the UEFA Champions League.
Arsenal Receives Second Warning from UK Advertising Standards Authority
UK Advertising Standards Authority reaffirms its strict stance against crypto by taking down misleading crypto advertising. The advertising watchdog warns mostly all crypto advertising potentially exposes people to risks of crypto investing.
UK ASA warned the Arsenal Football Club for continuing to promote its Socios non-fungible fan tokens without disclosing the financial risks to its fans, according to a new ruling by the ASA on August 10.
“We told Arsenal Football Club plc to ensure that they made sufficiently clear that the value of investments in paid-for Fan Tokens was variable and as crypto assets they were unregulated.”
UK advertising watchdog earlier banned Arsenal Football Club’s Facebook and website ads for promoting the $AFC fan tokens. The ads failed to clarify that fan tokens can be purchased only through Chiliz cryptocurrency.
Arsenal FC believes the fan tokens educate fans about the Fan Engagement Programme and these are modern-day trading cards. The fan tokens have become valuable for football clubs for raising revenues, as well as football players.
Socios Partners in Football
Socios has over 100 partners in football including football players, clubs, and associations. Several football clubs including Barcelona FC, Manchester City FC, Paris Saint-Germain FC, and Juventus FC have partnered with Socios for NFT fan tokens.
Football star Lionel Messi has become the global brand ambassador for Socios for promoting fan tokens. Several other footballers such as Alessandro Del Piero are also on the list.
Socios also have partnerships with football associations such as the UEFA and LaLiga.
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%
- Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation
- Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown
- Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
