UEFA criticised for partnering with cryptocurrency fan token company

UEFA’s decision to partner with a company selling cryptocurrency fan tokens has been described as “incomprehensible” by Football Supporters Europe.

A day after being praised for giving away tickets to its men’s and women’s club competition finals, European football’s governing body has been heavily criticised over a new agreement with Socios.com.

The sale of fan tokens – which can rise and fall in value – has been criticised as a means of monetising fan engagement, in a largely unregulated market.

Governing bodies have a duty to protect the integrity & sustainability of football & everyone associated w/ it. There are countless ways to properly engage w/ fans. Encouraging fans to invest in “fan tokens” isn’t 1 of them. They only serve the interests of those selling them.

— FSE - Football Supporters Europe (@FansEurope) February 15, 2022

FSE condemned the partnership, which sees Socios.com become UEFA’s official fan token partner, and tweeted: “This is an incomprehensible move at a time when football needs protection from crypto-mercenaries.

“Governing bodies have a duty to protect the integrity & sustainability of football & everyone associated with it.

“There are countless ways to properly engage with fans. Encouraging fans to invest in ‘fan tokens’ isn’t one of them. They only serve the interests of those selling them.”

Socios.com sells branded fan tokens to supporters of clubs and bodies they have a commercial agreement with. Supporters must convert their money into a cryptocurrency called Chiliz.