Two Arsenal ads for its “fan token”, a cryptocurrency, have been banned by a regulator, allowing the football club to “Taking advantage of the inexperience and credibility of consumers irresponsibly, ,We asked Arsenal to ensure that their future advertisements do not dilute the results of investing in crypto assets.“, adds the Advertising Standards Authority (ASA), the British advertising authority, on Wednesday.

Like many European clubs, Arsenal has joined hands with Socios.com to create a “fan token”. Fans of the London club are encouraged to buy a cryptocurrency, Chillies, and then exchange it for tokens that give voting rights on certain decisions of the club.

At the end of November, Socios.com president Alexander Dreyfus claimed to have signed contracts with 56 clubs and nearly a hundred teams in various sports. Lionel Messi Receives A Part Of His First Salary At PSG As Club Fan Tokens.

But for the ASA, Arsenal should tell their fans that buying the token is a risky investment: “We told them that they need to clarify that the value of crypto-asset investments varies, and crypto-assets are not regulated.,