Binance terminates its partnership with the Argentine Football Association (AFA) citing non-compliance with contractual obligations.
Key Points
- Binance ends partnership with the Argentine Football Association (AFA) due to non-compliance with contractual obligations.
- Despite the breakup, Binance remains committed to engaging with domestic partners and universities in Argentina for educational initiatives and business alliances.
- AFA had previous crypto partnerships with Bybit, while Argentina’s star player, Lionel Messi, is also connected to the cryptocurrency industry as a brand ambassador for Bitget.
In a surprising move, Binance, the world’s largest cryptocurrency exchange, has terminated its partnership with the Argentine Football Association (AFA), citing the association’s failure to meet its contractual obligations. The agreement between Binance and AFA, which made the platform the Global Main Sponsor of Argentina’s national soccer team, was set to last until 2027.
JUST IN: #Binance terminates its partnership with 🇦🇷 Argentina’s Soccer Association due to non-compliance issues.
— Coingraph | News (@CoingraphNews) July 17, 2023
A Breakup with Consequences
The collaboration between Binance and AFA was inked in January 2022, months ahead of the World Cup in Qatar, during which Argentina emerged victorious. This partnership carried significant importance for Binance as it marked their first collaboration with a national soccer team. However, a recent tweet from Binance stated that the AFA had not fulfilled its responsibilities as outlined in the agreement. Consequently, Binance decided to cut ties with the association, highlighting that such non-compliance contradicts their 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.
Despite the fallout with AFA, Binance remains committed to maintaining a strong presence in Argentina. The exchange intends to continue engaging with domestic partners, particularly prestigious universities, to expand educational efforts and foster strategic business alliances. In May, Binance collaborated with Austral University to launch a five-month training program focused on cryptocurrencies, blockchain technology, Web3, and the Metaverse.
AFA’s Other Crypto Sponsors
Binance was not the sole cryptocurrency partner of the AFA, as the association had previously entered into a deal with Bybit. Bybit serves as the Global Main Sponsor for all soccer selections, with their logo displayed on the training apparel of Lionel Messi and his teammates. The collaboration between Bybit and the AFA, announced in November 2021, is set to last 24 months.
Interestingly, Argentina’s star player, Lionel Messi, also has his own connections to the cryptocurrency industry. In October of last year, Messi teamed up with the cryptocurrency exchange Bitget and became their brand ambassador. Messi, who boasts nearly 480 million Instagram followers, is regarded as one of the most influential athletes worldwide. His rival, Cristiano Ronaldo, partnered with Binance to launch exclusive NFT collections.
The termination of the partnership between Binance and the Argentine Football Association marks an unexpected twist in the crypto and sports marketing landscape. Both parties will now embark on separate paths, with Binance seeking to strengthen its presence in Argentina through alternative means.
