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Many F1 international racing teams have reportedly removed or covered brands and logos from crypto sponsors in response to uncertainty about French advertising regulations.
According to a Tuesday report from RacingNews365, the Crypto.com logo did not appear at the French Grand Prix on Sunday crypto exchange is a global partner in the racing series starting in July 2021. The team behind the Alpine Formula 1 car has also reportedly removed the brand representing Crypto Exchange Binance from the car, driver’s clothing and letterhead.
A spokesperson for AlphaTauri, an Italian F1 team that partnered with the blockchain platform Fantom Foundation in January, said, “We knew about cryptocurrency regulations here in France, so we talked with our partners and avoided advertising on French land. It was decided. “
Luxury car maker Alfa Romeo, who participated in the French Grand Prix, said it had removed brands related to cryptocurrency lender Bold and Meme’s cryptocurrency FOLKI because of possible legal concerns. It has been reported.
“The team complies with all French regulations regarding advertising of cryptocurrency partners in cars. To display the cryptocurrency partner logo in France, the cryptocurrency brand must be registered with AMF. Two cases of our cryptocurrency partners. “
AMF, or Autorit des Marchs Financials, publication On July 21st, we announced that we would work with the French Professional Advertising Regulatory Authority to modify our existing regulatory framework to include crypto-related advertising.Regulator Called For token offering advertising recommendations, add that digital asset service providers need to include information about the potential risks of crypto investments.
Many F1 teams were still showing signs of crypto sponsorship at the event, as the AMF statement looked vague. Red Bull Racing, sponsored by Tezos and sponsored by Singapore-based crypto trading platform Bybit in February for $ 150 million, reportedly carried the logos of both companies at the French Grand Prix. Matter.
Related: Crypto’enfranais’: Cointelegraph France is now live
McLaren Racing, which has partnered with OKX for cryptocurrency, has taken similar actions. Mercedes, sponsored by the crypto exchange FTX, and Ferrari, sponsored by the blockchain company Velas, reportedly made progress by displaying branding and logos as well. A Ferrari spokesperson hinted that AMF’s scope may not apply to Velas.
“Velas Network AG does not offer services that require registration. […] Therefore, there is no advertising ban on the use of the Velas logo on Scuderia Ferrari’s assets within the French Grand Prix. “
P2 # Charles16 Close the lap at 1: 31.216. # Q2 finished. #FrenchGP pic.twitter.com/TPwtmwh6pi
Scuderia Ferrari (@ScuderiaFerrari) July 23, 2022
Many global regulators have scrutinized advertising for crypto products and services as space grows. In January, Spanish financial regulators announced that they would demand that advertising be “clear, balanced and fair” while providing information on the risks associated with crypto investment. The UK Advertising Standards Authority has also banned certain ads from companies such as Coinbase, Kraken and Crypto.com as “could not explain the risk of investment”.
