Socios.com May Take Legal Action After Argentine Football Association Signs Deal With Binance To Launch Fan Token

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Binance has signed a partnership agreement with the Argentine Football Association (AFA), one of the largest football associations in the world, to become its primary sponsor. With the agreement, Binance will become the main sponsor of all the Argentinian national football teams over the next five years and will also issue a fan token. The AFA previously issued a fan token in partnership with Socios.com, another fan token platform.

Binance Inks Sponsorship Deal With Argentine Football Association

Binance, one of the leading cryptocurrency exchanges by trading volume, has signed a sponsorship agreement with the Argentine Football Association (AFA). It allows Binance to become the main sponsor of all the Argentinian football teams on a global scale. The deal marks the first one the exchange has signed with a worldwide national team, and will last for five years, according to the information shared.

The deal aims to promote the brand with one of the most successful national football teams, introducing crypto to users and fans who may not have otherwise been exposed to these technologies. Maximiliano Hinz, Director of Binance Latam, stated:

Through this agreement, we hope to support Argentine soccer at all levels and introduce Binance, the crypto world and the blockchain to soccer fans across the country and the world.

Fan Token Launch & Legal Action

The signed partnership also includes the development of a new fan token to be launched in the near future. However, the Argentine Football Association has already issued a fan token of its own in 2021, in partnership with Socios.com. This confused fans of the national team and resulted in an influx of purchases of the previously issued token.

The issuance of the new fan token was criticized by the Socios.com platform, which issued a press release announcing its stance on this new deal the AFA signed with Binance. According to sports media, Socios.com rejected this new deal, made just nine months after AFA signed the deal with them that is to last for three years. Socios.com declared:

We will do everything in our power to prevent this and to protect the rights of fans who purchased $ARG Fan Tokens. We are facing a flagrant breach of contract and we will take all the necessary legal measures to guarantee that AFA fulfills the commitments acquired with Socios.com.

The first token was launched on June 11th last year.

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