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Binance Will Sponsor Argentina Team and Launch Fan Tokens, Socios.com Says It’s Indignant

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Argentine Football Association (AFA) has entered into a five-year deal with cryptocurrency exchange Binance, prompting outrage from Socios.com. As highlighted in the announcement published on Monday (24), the trade agreement provides that the crypto-asset platform will be the new main sponsor of the Argentine teams.

In addition, Binance will be responsible for the launch of the official AFA Fan Token and will be the “naming sponsor” of the Professional Football League.

The deal marks a milestone for Binance. After all, this is the company’s first sponsorship contract for a national football team.

The announcement, however, outraged the Fan Tokens platform Socios.com. After all, in May of last year, organizations had announced a partnership for the launch of fan tokens.

Partnership between Binance and AFA

In the AFA statement, Claudio Tapia, president of the entity, highlighted the importance of this agreement:

“In recent years, we have added many important commercial agreements, significantly increasing AFA’s revenue. In addition, we venture into new digital businesses with ample growth potential. The agreement with Binance meets all the conditions we seek. A leading global brand in its field, innovative and with a vision to create new digital assets”.

Meanwhile, He Yi, co-founder and marketing director at Binance, claimed that football and cryptocurrencies “are life” in Argentina. So it makes sense for Binance to partner with AFA.

“Through this agreement, we look forward to supporting Argentine football at all levels and introducing Binance, the world of cryptocurrencies and blockchain to football fans across the country and the world.”

Leandro Petersen, Commercial and Marketing Manager at AFA, noted that 2022 is very important, as it is the year of the World Cup.

“We are convinced that Binance will be a trading partner that will leverage all the work we do.”

Socios.com says it’s outraged

As the parties celebrate the settlement, Socios.com said it will take appropriate action:

Representative of Socios.com, Paco Roche, stated that the AFA announcement comes “only nine months after the signing of a three-year agreement with Socios.com that is in full force”.

Also according to him, the entity intends to grant to another company the rights that legally correspond to Socios.

“We will do everything in our power to prevent it and protect the rights of fans who have acquired ARG Fan Tokens.”

Finally, the company said it was “deeply outraged” and considers the fact “a flagrant breach of contract”.

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