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Top Crypto news: Uncertainty over French laws forced F1 racers to

27-Jul-2022 By: Sudeep Saxena
Top Crypto news: Unc

In response to the ambiguity around France's advertising restrictions

many Formula 1 foreign racing teams reportedly removed or obscured the branding and insignia of crypto-related sponsors.

According to sources, Crypto.com's branding was not seen during the French Grand Prix on Sunday – the crypto exchange has been a global partner with the racing series since July 2021. The Alpine Formula 1 team is also said to have removed Binance branding from its cars, drivers' uniforms, and letterhead.

“Knowing the regulations in France for cryptocurrencies, we opted to avoid any advertising on French land after conversations with our partner,” said a representative for the Italian F1 team AlphaTauri, which collaborated with blockchain platform Fantom Foundation in January.

Luxury car manufacturer Alfa Romeo, which competed in the French Grand Prix, reportedly removed branding associated with crypto lender Vauld and meme cryptocurrency Floki Inu (FOLKI), citing probable legal concerns:

“The team is adhering to all French regulations regarding the crypto partner advertising on the car. We have been informed that in order to advertise a cryptocurrency partner logo in France, the cryptocurrency brand must be registered with the AMF, which two of our cryptocurrency partners do not have.”

The AMF, or Autorité des Marchés Financiers, said on July 21 that it will collaborate with France's Professional Advertising Regulatory Authority to update its existing regulatory framework to incorporate crypto-related commercials. 

Despite the AMF's apparent ambiguity, several of the F1 teams displayed signs of their crypto sponsors during the event. Red Bull Racing, which was sponsored by Tezos and also received a $150 million sponsorship from Singapore-based crypto trading platform Bybit in February, allegedly featured both businesses' logos on its car at the French Grand Prix, citing discussions with its legal team.

McLaren Racing, in collaboration with the cryptocurrency market OKX, took similar steps. Mercedes, which is sponsored by crypto exchange FTX, and Ferrari, which is sponsored by blockchain startup Velas, are also apparently showcasing branding and logos. 

As the crypto sector expands, several foreign regulators have scrutinized advertisements for crypto products and services. In January, Spain's financial authority ruled that advertisements must be transparent, balanced, and fair, as well as provide information on the risks associated with cryptocurrency investments. The Advertising Standards Authority of the United Kingdom also prohibited certain advertisements from companies such as Coinbase, Kraken, and Crypto.com for allegedly neglecting to highlight the risk of the investment.


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