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.”