Regulators have ordered Michael Owen, a former professional footballer, to delete a deceptive advertising of an NFT company from his social media sites.
Last month, the ex-Liverpool midfielder revealed on Twitter that he has teamed up with crypto company Oceidon to build an NFT.
“Despite the skeptics, my NFTs will be the first to never lose their initial value,” Owen added.
Users on Twitter slammed Owen’s boasts of an NFT investment that can never depreciate as reckless.
The Advertising Standards Authority (ASA) has now urged the former England striker turned financial advisor to take down the tweet, which the regulator has deemed as deceptive.
Andy Green, Owen’s NFT business partner, has recently written a statement in response, clarifying the charges made.
“You’re right, we can’t promise or say that you won’t lose.” There is always the possibility of anything going wrong. There is no such thing as a risk-free proposal in life. But what we can do is safeguard the collector as much as possible, which is exactly what the floor price protection will accomplish,” Green explained.
Owen’s censure by the ASA is not a formal legal action; nonetheless, Owen’s staff complied with the watchdog’s directives without retaliating.
The ASA has already issued cautionary statements concerning cryptoasset advertising, which it considers to be a high-risk sector.
“Cryptoassets have risen in popularity in recent years,” the ASA stated in a statement on digital assets last year, “but there’s a genuine potential that individuals may be enticed in to invest life savings that they will subsequently lose due to a lack of knowledge.”
The advertising regulator isn’t alone in its skepticism about cryptocurrency. Financial regulators in the United Kingdom have a history of warning customers about the risks of the mostly unregulated crypto-space.
In a speech responding to the present status of the crypto market, the chair of the Financial Conduct Authority (FCA) warned against the usage of “speculative tokens.”