A prominent cryptocurrency exchange, Binance, has ended its 5-year partnership with the Argentine Soccer Federation (ASF) after just one year because the soccer federation failed to fulfil its contractual obligations.
Binance stated “We regularly evaluate the results of our partnerships around the world and unfortunately, despite being offered time and opportunities, the AFA has not fully complied with its contractual obligations, which goes against our business values and our partnership principles,”
The deal itself had already been controversial, as the association had previously terminated a contract with another company to partner with Binance.
Despite ending the partnership with the Argentine soccer association, “Binance remains committed to growing in Argentina and continues to engage with local partners, including prestigious universities, with the goal of continuing to expand educational efforts and strategic business alliances,” as stated in a Binance tweet.
Binance has faced various challenges recently, including regulatory issues and declining profits, which have led to layoffs and other cost-cutting measures. The Securities and Exchange Commission (SEC) has also sued Binance, alleging that it operated as an unregistered securities exchange.
