At the beginning of trading today, January 26, 2022, BINANCE announced that it had become the main sponsor of the Argentine Football Association, as it signed that partnership agreement with the largest football federations in the world.
Binance and Argentine Football
Cryptocurrency exchange Binance, one of the leading cryptocurrency exchanges by volume, has signed a partnership agreement with the Argentine Football Association (AFA), one of the largest football associations in the world, to become its main sponsor.
Through this deal, Binance will become the main sponsor of all Argentine national football teams for the next five years and will create a new fan icon.
The deal is the first that the exchange has signed with a global national team, and will last five years, according to the information shared. AFA has previously issued such an asset in partnership with Socios, another fan-token platform.
The deal seeks to promote the brand with one of the most successful football teams, and introduce cryptocurrency to users and fans who may not have been familiar with these technologies.
Through this agreement, Binance Director Maximiliano Haines stated that he hopes 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, knowing that the signed partnership also includes the development and launch of a new fan token that will be released In the near future.
Legal Procedures for Partnership Agreement
The Argentine Football Association has already issued a fan token in partnership with Socios.com, a fan token company, and this has confused national team fans and led to an influx of purchases of the previously issued token.
The release of the new token was criticized by the Socios platform, which issued a press release announcing its position on this new deal that AFA signed with Binance, knowing that this first token was launched on June 15 last year, and more than 400,000 were sold. icon at that time.
According to sports media, Socios rejected this new deal just nine months after it signed another three-year deal, and Binance has stated that it faces a serious breach of contract and will take all necessary legal measures to ensure that AFA fulfills the commitments it has had with Socios.com.
