Crypto Exchange Binance Becomes Main Sponsor Of Argentine Football Association (AFA)

JAKARTA – The world's largest cryptocurrency exchange Binance has reportedly signed a deal to become the main sponsor of the Argentine Football Association (AFA). Binance will be the official sponsor of the Argentine national team for five years.

In addition, both parties also plan to launch a new fan token, although previously AFA had issued a similar token after collaborating with the Socios fan token platform. Binance's partnership with the AFA is the exchange's first agreement with the Argentine football federation.

Reporting from News.Bitcoin.com, the deal is part of efforts to promote Binance with one of the most successful soccer teams. This partnership also promotes crypto to users and football fans who are still not familiar with blockchain-based technology.

“Through this agreement, we hope to support Argentine football at all levels and introduce Binance, the world of crypto and blockchain to football fans across the country and the world,” said Maximiliano Hinz, Director of Binance Latam.

The signed partnership also includes the development and launch of a new fan token to be released in the near future. However, the Argentine Football Association has issued its own fan token, in partnership with Socios.com. With the emergence of two types of fan tokens, it is considered that it will confuse fans of the Argentine national team.

On the other hand, the efforts of Binance and AFA to release a new token have been criticized by Socios. Reportedly, Socios rejected the attempt to issue the new token, because they had already released tokens since nine months ago with a contract duration of three years.

“We will do everything in our power to prevent this and to protect the rights of fans who purchase the $ARG Fan Token. We face a flagrant breach of contract and we will take all necessary legal action to ensure that the AFA fulfills the commitments made with Socios.com."

For information, ARG fan tokens were first launched on June 15, 2021. ARG tokens have sold more than 400 thousand tokens at that time. However, it is not yet known how the AFA and Binance responded to the rejection from Socios.com.