UK's Advertising Standards Authority upholds ruling after independent review finds Arsenal's ad for its fan token AFC misleading

The UK's Advertising Standards Authority (ASA) has upheld a previous ruling after an independent review that Arsenal Football Club's advertisement for its fan token, AFC, was misleading by failing to explain the risks of the investment. The ASA said Arsenal’s ad did not explicitly state that the tokens were crypto assets, that the tokens could only be obtained by opening a crypto asset exchange account, and that in the case of paid fan tokens, another cryptocurrency would need to be purchased. The advertisements are irresponsible because they take advantage of the inexperience or credulity of consumers, belittle participation and investment in crypto assets, and the advertisements must not be reproduced in the form complained about. Arsenal’s AFC token has fallen from a high of $6.07 last November to $1.89 today, according to CoinMarketCap. Previously, the U.K. Advertising Standards Authority issued guidance on crypto advertising in March last year, advising companies to clarify certain points about crypto assets.