Arsenal Football Club have had two adverts for crypto ‘fan tokens’ banned by the UK's Advertising Standards Authority (ASA).
The advertising watchdog said the club was “taking advantage of consumers’ inexperience or credulity, trivialising investment in crypto assets, misleading consumers over the risk of investment and not making it clear the ‘token’ was a crypto asset.”
Arsenal said it would be seeking an independent review to gain further clarity on the ASA’s position..
Tim Payton, the head of Arsenal Supporters Trust told The Times last month that football clubs have a “greater duty-of-care responsibility toward their fans” and hinted there should be greater regulation of cryptocurrencies.
Concern has been growing among regulators about the relationships between football clubs and crypto companies.
Watford have a cryptocurrency trading platform as shirt sponsor and European giants Juventus and Barcelona offer their own non-fungible tokens in the form of digital memorabilia.
Manchester City last month decided to end its partnership with a crypto currency start-up due to minimal corporate presence.
READ: Cryptocurrency investor makes bid for Bradford City
Bradford City are also rumoured to be of interest to US based crypto currency investors WAGMI United over a potential takeover.
While both parties have stated there have been talks over a deal, Bradford's chairman Stefen Rupp says no deal is imminent.