EPL club Arsenal’s ads for crypto tokens banned in Britain

LONDON (AP) — Premier League club Arsenal’s promotion of fan tokens broke advertising regulations and have been banned in Britain for taking advantage of consumers’ inexperience in cryptocurrencies. The London team said fan tokens were used to encourage participation and were different to cryptocurrencies, which are virtual currencies used as a means of payment. The Advertising Standards Authority found the ads took advantage of consumers’ inexperience or credulity and trivialized investment in crypto assets, failed to illustrate the risk of the investment and did not make clear the “token” through the Socios company was a crypto asset.