British watchdog censures soccer club Arsenal over crypto token ads

FILE PHOTO: Soccer Football - Premier League - Arsenal v Manchester United - Emirates Stadium, London, Britain - January 30, 2021 General view of a corner flag inside the stadium before the match Pool via REUTERS/Andy Rain

LONDON (Reuters) -Britain's advertising watchdog warned Arsenal on Wednesday over ads for its "fan tokens," a type of cryptocurrency embraced by soccer clubs this year as coronavirus pummelled their revenues.

The Advertising Standards Agency https://www.asa.org.uk/rulings/arsenal-football-club-plc-a21-1121873-arsenal-football-club-plc.html (ASA) said two ads posted in August on Arsenal's website and on Facebook were "misleading" as they did not make clear the risk of trading crypto, potential tax implications or that the tokens are not regulated in Britain.