Binance announced its newly-established partnership with Argentinian Football Association (AFA) this past week. This news was not celebrated by all. Socios has filed a complaint against AFA in objection to the partnership.
Who is Socios?
Socios is the official trading platform and crypto wallet for the world’s biggest sports teams. Created for the Chiliz blockchain, this site is designed for fan interaction and engagement. As an owner of the fan token, you have entry to voting rights, exclusive clubs, VIP rewards, sponsor promotions, chat forums, AR-enabled features, games, competitions, and more. Socios plans on expanding in 2022 by introducing millions of users to new features and rewards throughout the year.
There are three contracts that Judge María José Gigy Traynor of the Argentinian National Commercial Court orders the AFA to honor. These contracts were reported on CoinDesk by Andres Engler on January 27th. The AFA acknowledged the demand and then reported, in a statement to CoinDesk, multiple frustrations underscoring their intention to appeal the order:
– The Argentina token wasn’t promoted adequately.
– There were several issues regarding the use of images of the national team and league.
Socios denies all of these claims presented by the AFA. Socios told CoinDesk that all payments to the AFA were made and that no outstanding payments remain. According to CoinMarketCap, the AFA token decreased over 50% this summer; this may be a contributing factor to the payment dispute between Socios and the AFA.
There is speculation that the partnership between Binance and the AFA is a result of a higher offer from Binance that Socios could not make. This accusation has been refuted by the AFA. Mere speculation or truth, what proceeds is the court’s investigation into contractual obligations to determine what the next steps are for the AFA.