In Formula 1 terminology, crypto products are effectively the “new cigarette” of sports-the product is controversial, the brand is full of cash, has a limited global marketing platform, and chimes with the high living image of F1. Ring
Similarly, as many have found in France and elsewhere, advertising for such products is becoming more and more regulated, as well as the applicable laws becoming very vague. It has become.
Currently, 8 out of 10 teams have some crypto partners, with Williams and Haas outliers. In fact, some teams have two such partners. Vauld and Floki’s Alfa Romeo and ByBit and Tezos partner Red Bull Racing, the latter shared with McLaren. Also, shared kicks include F1 and Aston Martin. Both have contracts with Crypto.com.
Another annoying problem is that the term “cryptography” covers a variety of products: cryptocurrencies, trading platforms and virtual wallets.
Some brands, such as the controversial Alpine sponsor Binance, consist of exchanges and some form of cryptocoin, which complicates the matter and the team is allowed in France. I am obliged to get immediate legal advice about. Autorité des Marche Financials Regulate internal financial markets.
Depending on the product and the target market, certain products are registered with AMF, other products are awaiting approval, and others are outside the scope of AMF. Therefore, a large amount of confusion that teams and sponsors generally neglect. So who is affected and who is not?
The team explains the crypto branding decision
Starting at Crypto.com, a spokeswoman explained: RacingNews365.com The reason for the decision to disappear in the race.
“Crypto.com has decided not to exercise its brand rights in this race, but hopes to continue to be a global partner in F1 and leverage such rights in other ways in future races. “There is,” said a spokesman. The same decision applies to the Aston Martin partnership.
Red Bull Racing exhibited both logos over the weekend after discussions with crypto sponsors. “Our legal team is aware of the situation and we are in contact with our partners.”
Mercedes also received legal advice on labeling the FTX brand before reaching the same decision. Ferrari sponsor Velas is outside the scope of AMF as it is blockchain based.
“Velas Network AG has notified us that it does not provide services that require registration. [AMF] Therefore, there is no advertising ban on the use of the Velas logo on Scuderia Ferrari’s assets within the French Grand Prix, “said a spokesman. RacingNews365.com..
© XPB
In a statement, McLaren confirmed that the team was aware of recent updates to cryptocurrency ad restrictions and was working closely with partner OKX on this issue. The team added that it was not in a position to comment on Tezos branding, but the statement concluded that it was carried out with its partner branding over the French Grand Prix weekend.
Alpine has confirmed that it has carefully removed all Binance brands in this race from all driver wear, race cars, trailers and even the team’s letterhead. A spokesman for AlphaTauri, a partner with the Fantom digital ecosystem, said, “I knew about cryptocurrency regulations here in France, so after discussions with my partners, it was decided to avoid advertising on French lands. “.
Alfa Romeo also removed all references to crypto partners, saying, “The team complies with all French regulations regarding advertising of crypto partners in cars. To display the crypto partner logo in France. In addition, crypto brands need to be registered with AMF, but not for two crypto partners.
“Therefore, two brands, Vauld (currency platform) and Floki (cryptocurrency), will not appear in our car this weekend.”
Historically strict French law
It’s not surprising to the F1 community that such restrictions are imposed in France: France has long passed Europe’s toughest anti-tobacco, alcohol and gambling laws, as Williams discovered in this race in 2018. Had: It was forced to remove all Martini brands due to the passage of France from the previous race to the next race, not just the race.
But the situation is more complicated. There is already talk of banning the marketing of certain cryptocurrencies and platforms across the EU. Therefore, the team needs to work even harder on choosing a crypto partner.
