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 Championship 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.

The post UEFA Champions League Football Club Receives Warning Over Socios Fan Tokens appeared first on CoinGape.