Embattled cryptocurrency exchange Binance has unilaterally terminated its sponsorship deal with the Argentine Football Association (AFA). Last month the world’s largest crypto exchange was sued by the Securities and Exchange Commission (SEC) in the United States, the CFTC in March and more recently has been cutting costs.
In a five year deal first announced in January 2022 and rumored to be worth $8 million a year, Binance was the joint Global Main Sponsor alongside Adidas. Its logo appeared next to sports apparel company until this afternoon. It was also the title sponsor of Argentina’s main football tournament, so references to Torneo Binance are still displayed on the official website.
Binance announced the parting of ways in a Tweet yesterday saying, “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.”
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