Binance terminates sponsorship deal with Argentine soccer association

abdelaziz Fathi

Binance has unilaterally terminated a five-year sponsorship agreement with the Argentine soccer association (AFA) after just one year.

Citing a breach of contract, Binance said the AFA has not fully complied with its contractual obligations, which goes against business values and partnership principles, despite being offered time and opportunities.

Binance inked the deal back in January 2022, which allowed it to become the main sponsor of all the Argentinian soccer teams on a global scale. Furthermore, Binance secured the prestigious naming sponsorship of AFA’s top-tier league.

The partnership also entails the release of a brand-new fan token. Nevertheless, prior to this agreement, the Argentinian Soccer Association had already introduced its own fan token, in collaboration with, a prominent player in the fan token industry.

As a consequence, a legal dispute arose after Socios filed a lawsuit against the AFA for ending its sponsorship contract and replacing it with the one it signed with Binance. A national commercial court in Argentina ordered AFA to recognize the three contracts signed with Socios and prohibited the association from taking any action that hampers their exclusive rights.

AFA stated that it will appeal the decision, claiming that the fan token site defaulted on a payment and failed to promote the Argentina token, while Socios asserts that it made all necessary payments and did not misuse AFA’s image.

There were also allegations that AFA received a higher financial offer from Binance and attempted to pressure Socios to match it. The association denied terminating the agreement to make way for Binance and asserts that the giant crypto exchange had expressed interest in AFA before Socios.

Binance has been expanding its services in Argentina, most recently allowing crypto purchases for its users with their local currency, Peso. The service allows Binance customers in the inflation-hit country to convert their local currency directly into cryptocurrencies through a local partner. Previously, Binance had only operated in Argentina as an intermediary platform to match buyers and sellers.

In another twist, the crypto winter and increased regulatory scrutiny may have prompted Binance to reassess its financial priorities. Recent reports suggest that the world’s largest crypto venue laid off over 1,000 employees and halted certain employee benefits due to declining profits. There is also speculation that eventually, more than a third of the company’s workforce of 8,000 may be affected by the job cuts.

Read this next

Digital Assets

Bybit exits UK market ahead of regulatory changes

Bybit is suspending its cryptocurrency services for users in the United Kingdom due to impending regulations from the country’s Financial Conduct Authority (FCA).

Digital Assets

Binance argues SEC trampled authority set by Congress

Binance, Binance.US, and Changpeng Zhao have jointly filed to dismiss a lawsuit brought by the Securities and Exchange Commission (SEC) in June.


Oscar Asly replaces Rasha Gad as CEO of M4Markets Dubai

Seychelles-regulated brokerage firm M4Markets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

Retail FX

Capital Index UK reports mitigated loss despite revenue drop

FCA-regulated brokerage firm Capital Index (UK) Limited has released its annual financial report for the year 2022.

Digital Assets

Mike Novogratz’s Galaxy Digital expands in Europe

Galaxy Digital, the New York-based cryptocurrency financial services company founded by Mike Novogratz, is expanding its presence in Europe by appointing Leon Marshall as its first European CEO.

Metaverse Gaming NFT

Turingum Partners with MarketAcross to Drive Web3 Adoption in Global and Japanese Markets

Global blockchain PR leader MarketAcross joins forces with Japanese Web3 specialist Turingum to mutually expand its market reach, aiming to fortify Turingum’s worldwide footprint and MarketAcross’s presence in the lucrative Japanese blockchain landscape.

Digital Assets

Binance to delist all stablecoins in Europe next year

During a public hearing with the European Banking Authority (EBA), an executive from Binance said that the exchange could ultimately delist stablecoins from its European platforms by June 30, 2024.

Industry News

“Unconscionable conduct”: ASIC fines National Australia Bank $2.1m for overcharging customers

NAB faces a $2.1 million penalty for unconscionable conduct, as the Federal Court rules the bank knowingly overcharged customers, and took over two years to rectify the situation.