The Facebook and website posts included a video providing Arsenal gamers Ben White, Calum Chambers and Kieran Tierney that read: "Fans must be aware that they might lose a few or all of their cash invested. We propose you to spend best what you can find the money for and are seeking for unbiased economic recommendation if required."
Britain's Advertising Standards Authority (ASA) investigated whether the advertisements took advantage of purchasers' inexperience in cryptoassets - a digital foreign money this is decentralised and now not controlled through a single entity consisting of a financial institution.
The ASA additionally considered whether the messages did not make clear the "token" became a cryptoasset, that could best be received through starting an account and replacing with some other cryptocurrency.
Arsenal, but, said Wednesday that the tokens had been used to encourage fan participation and had been exceptional to cryptocurrencies - virtual currencies used as a method of charge.
The ASA said financial authorities classed utility tokens as cryptoassests, with tax payable on any earnings, and a product that had the capability to cause big losses.
"We recounted that the advertisements did not promote the fan tokens as an investment or monetary product," study a declaration from the ASA.
"However, the product turned into a cryptoasset regardless of how it turned into promoted and the commercials did now not comprise any facts that Capital Gains Tax (CGT) could be payable on profits from investing in cryptoassets.
"We consequently considered the ability tax implications were no longer made sufficiently clean to purchasers considering investing in it."
The ASA delivered: "Therefore, due to the fact the advertisements trivialised investment in cryptoassets and took benefit of purchasers' inexperience or credulity via now not making clean that CGT may be payable on profits from investing, we concluded the commercials have been irresponsible and breached the (ASA) code."
An Arsenal spokesman advised Britain's Press Association: "We take our obligations in regards to advertising to our fanatics very seriously.
