Binance, a cryptocurrency exchange has entered into a partnership deal with AFA (the Argentinian Soccer Association), to be its primary sponsor. Binance becomes the primary sponsor of the Argentinian soccer national teams in the next five-years and will issue a brand new fan token. In partnership with Socios, an alternative fan token platform, the AFA previously issued this asset.
Sign up for Binance Inks sponsorship deal with the Argentinian Soccer Association
Binance, one the largest cryptocurrency exchanges, signed a sponsorship contract with AFA (Argentinian Soccer Association). This will allow the company to become the principal sponsor of all Argentinian teams. According to information, the deal will be the first ever that Binance has signed with a global national soccer team and it is expected to last for five years.
The brand will be promoted with one the most successful soccer clubs, and crypto will reach users and fans who might not have otherwise been exposed to these technologies. Maximiliano Hinz was the Binance Latam Director.
We hope this agreement will support Argentine soccer at every level and bring Binance, crypto-world and blockchain to all soccer fans around the globe.
Incoming Fan Token & Legal Actions
In addition to the signing of the partnership, the launch and development of a brand new fan token will take place in the near future. However, in collaboration with Socios.com (a fan token company), the Argentinian Football Association already had a fan token. Fans of Argentina’s national soccer team were confused by this and a flood of tokens was purchased.
Socios, a platform that allows users to issue new tokens without restrictions, criticized the issuance. They issued a press statement stating their stance regarding the Binance deal signed by AFA. Sports media reported that Socios had rejected the new agreement, just nine months after another three-year deal was signed with them. Socios.com declared:
We will take all measures to stop this from happening and protect the rights to fans who have purchased $ARG fan tokens. AFA faces a clear breach of contract. To ensure AFA meets its obligations with Socios.com, we will use all available legal remedies.
On June 15, 2013, the first token went on sale. It sold more than 400k tokens.
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