F1 Teams Forced to Remove Crypto Sponsors From Cars in France
In accordance with advertising laws, more than 8 teams have completely removed crypto logos from their cars.
Due to uncertainty surrounding the regulation of digital asset advertisement in France, a number of Formula 1 (F1) teams were forced to remove sponsor decals featuring crypto-related branding from their vehicles during the French Grand Prix on July 24, according to a report by Racing News 365.
CryptoNews! ?
With the start of the French Grand Prix, Formula 1 teams were asked to remove all their #crypto ads. Adhering to the rules and regulations of France, for advertising, more than ten F1 teams have completely removed all their crypto ads & logos upon their race cars. pic.twitter.com/gphzhyiClM
— Cartel’s Crypto Lounge (@CartelsLounge) July 28, 2022
France has been known to be relatively receptive to digital assets, however, the decision to remove the logos came as legal advice in order to adhere to the guidelines of France’s regulatory force, the Autorité des Marche Financiers (AMF).
There are mixed reports as to the exact number of teams who removed their logos, but it is assumed that at least eight to ten teams decided to shed their crypto sponsor decals. Included among those reported to have removed the logos are Alfa Romeo, AlphaTauri, and Alpine, which are sponsored by Vauld, Floki, Fantom digital, and Binance.
Additionally, F1 organizers also chose to remove displays of their global partner and sponsor, Crypto.com, due to the uncertainty.
In contrast, there were teams who decided to take their chances and maintain the logos of their digital asset sponsors. These included Mercedes which is sponsored by FTX, Aston Martin with Crypto.com, Ferrari with the Velas Netwrok, Red Bull Racing with Bybit and Tezos, and McLaren with OKX and Tezos.
In a comment on the situation, a spokesperson from Mercedes stated that its sponsors had clarified with the team that its services do not fall under the purview of the AMF.
While the regulatory force has banned the advertisements of digital assets since 2018, it has yet to provide a clear definition of what digital assets are — which was the cause of the confusion at the F1 event.
In other news, Binance is set to launch NFT ticketing for the UEFA League to reduce counterfeiting.
