F1 Teams Told to Remove Crypto-related Ads in the French Grand Prix

Although the cryptocurrency industry and its digital assets, such as Bitcoin (BTC), are becoming more and more well-known, certain governments are still undecided about whether or not to allow direct consumer advertising, particularly in France, where crypto advertisements are subject to rigorous rules.

Indeed, as RacingNews365’s Dieter Rencken revealed on July 26, numerous Formula 1 teams were compelled to cover or remove stickers bearing crypto-related branding during the French Grand Prix on July 24 due to France’s long-standing restrictions on the promotion of certain companies.

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All but two of the ten playing teams presently have partnerships with crypto players, with several teams having many such partners.

For instance, Red Bull Racing has teamed with the Tezos (XTZ) network and cryptocurrency exchange ByBit, while the Alfa Romeo team has partnered with cryptocurrency lender Vauld and meme coin Floki Inu (FLOKI). McLaren’s business partner is Tezos.

In response to the news, a spokesperson for the cryptocurrency exchange Crypto.com, which collaborates with both F1 and Aston Martin, stated the following:

Crypto.com made the decision not to use its branding rights for this race. However, it continues to be F1’s global partner, and we anticipate that these rights will be used in other ways in upcoming competitions.

The representative claims that the company’s collaboration with Aston Martin is no different.

Contrarily, CryptoDATA Tech, a Romanian company that creates hardware and software cybersecurity solutions based on blockchain technology, is slated to sponsor the Austrian Grand Prix, as Finbold previously reported.

Besides France, crypto advertisements are subject to intense regulatory scrutiny in Hong Kong, where doing so might lead to a fine of up to $50,000 or a jail sentence of up to six months under the revised anti-money laundering statute.

Aside from that, in April, the Irish adverts watchdog announced a plan to review the rules governing the advancement of digital assets in response to the rise in advertisements for crypto companies like Floki and people complaining about the lack of information they contained regarding potential risks associated with investing in cryptocurrencies.