Binance has cut ties with the Argentine Football Association (AFA), citing a breach of contractual agreement.
Binance Argentina announced its decision to end the partnership deal with the AFA stems in a tweet on July 17.
Despite being given ample opportunities, the AFA fell short of fulfilling its obligations, which conflicted with Binance’s core business values and principles, stated the exchange.
The partnership was originally intended to span five years, making Binance the primary sponsor of Argentina’s national soccer team and the title sponsor of the national soccer league.
Binance was not the only crypto company to have partnered with the AFA: Bybit, also an exchange, collaborated with the soccer association in 2021
Football and crypto have crossed paths increasingly in the past few years, as many web3 projects have signed partnership deals with various top soccer clubs.
FIFA, the world soccer governing body, has recently submitted trademark applications related to the metaverse under its “WE ARE” initiative. These trademarks seek to safeguard a wide range of potential online services, from fitness coaching sessions to live streaming of sporting events.
Challenging times for Binance
Binance is currently navigating through a challenging phase, reportedly laying off many staff members after several executive departures. The exchange’s founder and CEO сommented the recent hiring decisions calling it a “strive to increase talent diversity” and subsequent “involuntary terminations.”
Moreover, in the United States, Binance is facing regulatory backlash from the SEC for carrying out unregistered securities offerings.
Australian authorities recently conducted an unexpected raid on Binance’s offices due to concerns about the company’s derivatives division. The investigation aimed to understand how Binance classified its customers and their operations.
