The world’s largest cryptocurrency exchange – Binance – ended its partnership with the Argentine Football Association (AFA), claiming the latter has not “fully met its contractual obligations.”
The agreement, which turned the platform into the Global Main Sponsor of Argentina’s national soccer team, was supposed to last until 2027.
Parting Ways
Binance and the AFA signed the deal in January 2022, several months before the start of the World Cup in Qatar, which saw Argentina lifting the trophy. The partnership was considered a significant achievement for the exchange since it was its first collaboration with a national soccer team.
In a recent tweet, though, Binance maintained that the AFA has not complied with its agreement responsibilities. As such, it cut ties with the entity as this goes against its “business values and association principles.”
“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 remains committed to strengthening its presence in Argentina. It said it will continue to engage with domestic partners, such as prestigious universities, to “expand educational efforts and strategic business alliances.”
Recall that the exchange teamed up with the Austral University in May to provide a five-month training program focused on cryptocurrencies, blockchain technology, Web3, and the Metaverse.
Argentina’s Soccer Team has Another Crypto Sponsor
Binance was not the only cryptocurrency partner of the AFA, as the Association previously inked a deal with Bybit. The marketplace serves as the Global Main Sponsor for all soccer selections, whereas its logo is displayed on the training apparel of Lionel Messi (the captain of Argentina) and his teammates. Bybit and the AFA announced their collaboration in November 2021, revealing that it will last 24 months.
It is worth mentioning that the big star of Argentina – “Leo” Messi – collaborated with the cryptocurrency exchange Bitget in October last year. The winner of a record seven Ballon d’Or Awards became a brand ambassador for the platform, while his responsibilities include introducing the company’s products and services to sports fans, brands, and organizations.
Messi is among the most influential athletes, having nearly 480 million followers on Instagram. His biggest rival – Cristiano Ronaldo (who has partnered with Binance) – has almost 600 million.
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