Binance Ends Partnership with AFA After Only 1 Year

Binance has decided to terminate its five-year partnership with Argentina's soccer association (AFA) after only a year, citing non-compliance with contractual obligations. The partnership, which commenced in January 2022, saw Binance become the primary sponsor of Argentina's national soccer team and the naming sponsor of its national soccer league.

Per a statement released by Binance, the exchange expressed its disappointment, stating:

"We regularly evaluate the results of our partnerships around the world and unfortunately, despite being offered time and opportunities, the AFA has not fully complied with its contractual obligations, which goes against our business values and our partnership principles."

The initial agreement between Binance and AFA had not been without controversy. AFA had previously terminated its contract with fan token site Socios in favor of the deal with Binance. Socios responded by suing AFA, but remained the exclusive provider of AFA's official fan token, $ARG, until 2026.

Binance has faced significant challenges recently due to the bear market and regulatory crackdown on the cryptocurrency industry. The company has taken measures to cope with declining profits, including stopping certain employee benefits and reducing its workforce by over 1,000 employees, as reported by Wall Street Journal.

With Binance's decision to end its partnership with AFA, it remains to be seen how this development will impact the crypto exchange's future ventures in the sports sponsorship arena.

What is Binance:

Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.

Where to find Binance:

Website | Twitter | Discord | Telegram |