Without going into details, Binance announced the breach of contract on social media.
So far, there has been no official statement from the AFA on the break.
The Binance exchange announced its decision to end the collaboration it established with the Argentine Football Association (AFA) due to the organization failing to honor its contractual obligations.
The information was released via Binance’s Twitter account on July 17 the exchange exposed the reasons that led you to make that decision.
In this sense, he points out that they regularly evaluate the results of their alliances around the world, but in this case “unfortunately” the expected progress has not been achieved. This, “although time and opportunities were offered,” says the statement.
Binance makes that clear maintains its commitment to grow in Argentina and continues to work with local partners in the South American country. All this by signing agreements for educational and commercial purposes.
Therefore, “the decision made (to break the agreement) violates our business values and our principles of working together,” the tweet reads.
Binance does not go into detail about the reasons for the breakup of an alliance founded in January 2022 The term was set for 5 yearsas reported by CriptoNoticias at the time.
The agreement stipulated that the exchange would become the main sponsor of the AFA and thus become the main sponsor of and take over management of the Argentine football team in addition to introducing an official national team fan token.
This fact meant that the players of the national teams would wear the Binance logo on one of their jerseys and that the Professional Soccer League (which was called Socios.com) would use the Binance name.
On the subject, Binance General Director for Latin America Maximiliano Hinz said that the idea is to bring all the benefits of its cryptocurrency exchange platform to the public of the Argentina national team.
The plan was apparently shared by the association’s board of directors, who saw the agreement as a way forward for millions of people Fans around the world can purchase AFA’s new digital assets.
Even the reasons for the organization’s change of position are unknown, since at the end of this publication there was no official statement from the AFA on the cryptocurrency platform’s breach of contract.
It’s worth thinking about The agreement was signed months ahead of Qatar hosting the 2022 World Cupan event that took place in December 2022 in which the Argentina national team became world champions.