Binance, the world’s largest cryptocurrency exchange, has terminated its partnership with the Argentine Football Association (AFA) due to the AFA’s alleged failure to fulfill its contractual obligations. The partnership, which designated Binance as the Global Main Sponsor of Argentina’s national soccer team, was originally intended to continue until 2027.
Back in January 2022, Binance and the Argentine Football Association (AFA) inked a deal ahead of the World Cup in Qatar, where Argentina went on to claim victory. The partnership was a notable milestone for Binance, marking its initial foray into collaborating with a national soccer team.
However, in a recent tweet, Binance stated that the AFA has failed to meet its contractual obligations. As a result, Binance made the decision to sever ties with the association, citing a misalignment with their business values and principles of association.
“Binance has decided to end its association with the AFA (Argentine Football Association). We regularly evaluate the results of our partnerships around the world, and unfortunately, despite being offered time and opportunity, AFA has not fully met its contractual obligations, which goes against our business values and our association principles,” the announcement reads.
On the other hand, Binance expressed its ongoing dedication to bolstering its presence in Argentina. Despite the termination of its partnership with the Argentine Football Association, the exchange affirmed its commitment to collaborating with local entities, including esteemed universities, in order to expand educational initiatives and cultivate strategic business alliances.