Wednesday, May 25

Socios.com goes against the AFA for Argentina’s fan tokens on Binance


Key facts:
  • “We will do our best to avoid it,” says Socios.com regarding the agreement between the AFA and Binance.

  • The Socios.com fan token was launched in June and there are investors who acquired it in these months.

This January 24, the Argentine Football Association (AFA) announced that it had signed an agreement with the bitcoin (BTC) and cryptocurrency platform, Binance. The commercial alliance includes, in addition to various sponsorships, the launch of fan tokens (fan tokens).

But, as CriptoNoticias reported, There were already fan tokens of the Argentine soccer team (ARG), issued by the Socios.com platform in June 2021. For a couple of hours, holders of the aforementioned token wondered if it was the same token or if it was a different one.

The mystery was resolved when CriptoNoticias received a statement sent by Paco Roche, PR of the Chiliz company, who says: “We are stunned by the statement made public today by AFA announcing an agreement to grant the rights that legally correspond to us, to another provider ».

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The aforementioned statement adds that the current announcement by the Argentine Football Association occurs “just nine months after signing a three-year agreement with Socios.com that is in full force.” The company states: “they intend to grant another company the rights that legally correspond to us.”

For this reason, Socios.com advances: “we will do everything in our power to avoid it and to protect the rights of the fans who acquired the ARG fan tokens.”

According to the company specializing in fan tokens, they are “deeply outraged” and they consider that what happened is “a flagrant breach of contract” by the AFA. Therefore, they assure that they will take “all the necessary legal measures to guarantee that AFA fulfills the commitments acquired with Socios.com”.

“AFA is showing utter disrespect to those millions of fans, who it has actively encouraged to buy fan tokens on Socios.com. (…) Socios.com will respond with legal action to this flagrant breach of contract and calls for an in-depth investigation of AFA’s behavior towards its fans.

Socios.com, a company specialized in fan tokens

As reported by CriptoNoticias, the agreement of the Argentine Football Association with Binance, in addition to the launch of fan tokens, implies that the exchange becomes the new global main sponsor of national teams and naming sponsor of the Professional Soccer League.

The latter was also a sponsorship provided by Socios.com. In fact, the last tournament of the aforementioned league was called Socios.com.

Binance Supremacy Came to Argentina Soccer

It is clear that the supremacy and power of Binance has been imposed on this occasion. It is the largest bitcoin and cryptocurrency exchange in the world, in terms of trading volume. According to reports, the millionaire commercial agreement is about the largest alliance of the AFA, after the contract with Adidas.

In addition to the fan token company founded and directed by Alexandre Dreyfus, those who could be harmed are the holders of the existing ARG token. This could stop seeing the support of the AFA (in addition to having to compete against a cryptoactive promoted by the most powerful exchange in the world).

In social networks, some investors in ARG have already expressed their fear. “Bad news for those of us who are bought in ARG,” wrote the tweeter @CapraFLP.

For his part, the user @FranciscoBTC_, one of the most ardent holders of fan tokens of the Argentine National Team, mentioned that the price increase experienced by that token is due to “people buying just by reading the title of the news”. This investor describes it as a “pump from ignorance”. At the time of writing this article, each ARG token is trading at $1.45, which represents a price increase of almost 10% in the last 24 hours.

The ARG fan token, from socio.com, rose in price after the news of Binance’s sponsorship of the Argentine Football Association. Source: Coingecko.

Binance’s alliance with the AFA comes at a strategic time. As CriptoNoticias analyzed months ago, 2022 could be the year of the fantokenmanía, promoted, among other things, by the imminence of the Qatar 2022 World Cup.





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