Cryptocurrency warnings

WHUST welcomes the news that the Financial Conduct Authority (FCA) has announced new advertising rules regarding the marketing of cryptoassets to UK consumers.

WHUST, alongside other West Ham fan groups and the Football Supporters Association, has been concerned about the emergence of cryptocurrencies being targeted at supporters, often as part of a process for fan engagement on opinion polls, or to buy memorabilia. In particular, our concerns have been that fans do not have the risks in buying cryptocurrency (which can lose 100% of their value) explained to them properly; that those parts of the fan base that do not have access to digital / online platforms are disenfranchised; that cryptoassets and cryptocurrencies are not available only to the fans of the club that those crypto assets are tied to; that fans should not have to pay at all to engage with their club; and that fans have to use specific payment methods rather than one of their choosing when paying for cryptoassets and merchandise.

WHUST will continue to oppose the use of any cryptocurrency or crypto asset at West Ham when they are the sole means of supporters to either engage with the club or to purchase merchandise or memorabilia.