Binance Unveils New Fan Club Initiative with Exclusive Rewards

| Updated
by Tolu Ajiboye · 3 min read
Binance Unveils New Fan Club Initiative with Exclusive Rewards
Photo: Shutterstock

Leading exchange Binance recently launched a Fan Club program for users that boasts exclusive team rewards. 

Binance Fan Token has launched Binance Fan Club as a new royalty system for all holders to interact with and earn. According to the announcement, fans could accrue Star Points via team engagement and unlock many exclusive privileges. These perks include personalized video clips from players, meet & greet sessions, and VIP tickets to team matches.

The exchange is also starting two community-rewarding promotions to mark the Binance Fan Club launch. Furthermore, the platform revealed it would give away up to $38,000 in various soccer team token voucher rewards across both promotions.

Weighing in on the development, Binance head of NFT and Fan Token Lisa He said:

“Fan Tokens are the future of fan engagement, and today marks the launch of a new program for sports fans to create memories that last a lifetime.”

Furthermore, He added:

“We’re excited to launch Binance Fan Club and see the developments this has in the future to bring fans even closer to their favourite teams. Whether it’s dinner with their favorite player or getting a tour of the stadium.”

Binance Details Fan Club Promotion in Blogpost

Binance detailed its Fan Club promotions on its website, including the registration setup and validity period. According to the platform, PORTO, LAZIO, SANTOS, and ALPINE token vouchers are up for grabs. Furthermore, Binance also stated that winners could claim these monetary gifts from its Community Rewards pool.

The Binance Fan Token engagement program is a successful way for the exchange to stoke fan-team interaction further. Since its introduction last October, Binance Fan Tokens have surged in popularity among sports fans. In addition to the bounty of perks available to participating fans, the program also bestows a sense of fan stakeholdership. Fans could vote on specific instances, such as preferred rewards and players of the month, to name a few.

The Binance Fan token scheme currently has more than 130,000 participating fans, which could swell even more.

Secret Fund Transfer

The Binance Fan token development comes amid more serious issues plaguing the leading crypto exchange. A report from a few days ago uncovered an alleged fund misappropriation scheme by Binance. According to this report, the world’s largest exchange had secret access to its US-based partner’s bank account. Furthermore, Binance also allegedly transferred $400 million from that account to a trading firm managed by its CEO Changpeng Zhao.

A paper trail of money transfers revealed that the money was transferred from Binance.US’ Silvergate Bank account to Merit Peak Ltd. Furthermore, Reuters said the fund transfer began in late 2020 and lasted the first three months of 2021. The Reuters publication could not ascertain if the transferred funds belong to Binance’s US customers. Also, the report also could not determine the reason for the transfer of such funds.

Binance.US spokesperson Kimberly Soward responded to the Reuter’s report at the time, calling it “outdated information”. However, Soward also did not address the transfers.

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