Binance Terminates Partnership with Argentine Soccer Association
Binance has terminated its five-year partnership with the Argentine soccer association, citing a breach of contract. The decision comes just one year after the partnership was established. Binance stated that the Argentine Football Association (AFA) did not fulfill its contractual obligations, which goes against the values and principles of the business.
Key Points:
– Binance had signed a five-year contract with the reigning world champion Argentine soccer team.
– The AFA terminated a contract with Socios to sign an agreement with Binance, leading to controversy.
– Despite the termination of the partnership, Socios will remain the exclusive provider of AFA’s official fan token until 2026.
– Binance has been affected by the bear market and regulatory crackdown, leading to declining profits and layoffs.
– The Securities and Exchange Commission (SEC) has sued Binance, Binance.US, and founder Changpeng “CZ” Zhao for allegedly operating as an unregistered securities exchange.
In conclusion, Binance’s termination of its partnership with the Argentine soccer association highlights the challenges the company is facing in the crypto market. Regulatory issues and declining profits have forced Binance to make difficult decisions, including layoffs and cutting employee benefits. The lawsuit filed by the SEC adds further legal challenges to the company’s operations. Binance will need to navigate these obstacles to regain stability in the industry.
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