Binance has announced that it has terminated its five-year partnership with the Argentine Football Association (AFA) after a one-year hiatus due to breach of contract.
Binance signed a five-year contract with the world champion Argentina football team last week. The popular cryptocurrency exchange became the main sponsor of Argentina’s mighty national football team and title sponsor of the national football league in a deal in January 2022. However, Binance, which ended this union on the grounds of contract bidding, announced that it was parting ways with the Argentine football team.
“Duties were not fully complied with”
Having signed a five-year contract with AFA, Binance terminated this contract a year later and made a statement on the violations;
“We regularly evaluate the results of our worldwide partnerships, and unfortunately, despite the time and opportunity presented, AFA has not fully complied with its contractual obligations, which is contrary to our business values and partnership principles.”
Tensions have been strained between the parties as AFA unilaterally terminated its contract with fan token platform Socios to sign a deal with Binance. Later, Socios sued AFA, with the company remaining the sole provider of AFA’s official token, ARG, until 2026.
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