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Binance, one of the world's largest cryptocurrency exchanges, has abruptly ended its five-year partnership with the Argentine Football Association (AFA) after only one year.
As per the exchange, the termination happened because the AFA failed to comply with partnership obligations.
Binance and AFA went into business in AFA, with the former becoming the official naming sponsor of the country's national football team. The deal was for a five-year partnership, generating significant buzz in the crypto space. However, things started to sour after the AFA allegedly failed to fully comply with its partnership obligations leading to the dissolution. As per Binance, the AFA's non-compliance conflicted with their business values and partnership principles.
Wu Blockchain tweeted:
"Binance has terminated its five-year partnership with the Argentine soccer association, just after a year, citing a breach of contract. The move comes at a time when Binance is cutting staff and employee benefits. In January 2022, Binance became the main sponsor of Argentina’s national soccer team."
More Troubles For Binance
Binance is currently going through challenging times after news came out that they have reportedly laid off several staff members after a number of executives left the firm. Apparently, more than 1,000 staff members were let go over the past few weeks. It should be noted that Binance CEO CZ has tweeted that the numbers reported were grossly inaccurate.
AFA's Crypto Partnership
The Binance partnership was far from AFA’s first crypto rodeo. Previously, the AFA had partnered with global exchange ByBit as its main sponsor. The AFA had also partnered with the likes of Upland, and BC.GAME.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.