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Chiliz threatens to sue Argentina FA over Binance deal
Blockchain firm Chiliz has threatened to sue the Argentine Football Association (AFA) gave cryptocurrency exchange platform Binance naming rights to the Argentinian top-flight Primera Division and designation as the official fan token of the AFA.
Chiliz called the five-year deal, which also makes Binance the global main sponsor of Argentina’s national soccer teams, a flagrant breach of contract.
It added that it will do everything in its power to avoid the deal and protect the rights of the fans who acquired the ARG fan tokens.’
Chiliz, which had been given naming rights last year that saw the Primera Division named ‘Torneo Socios.com‘ for the 2021/22 season and included the launch of a fan token on the Socios platform, said it is stunned by the AFA’s statement announcing an agreement to grant the rights that legally correspond to them to another provider.
The deal is Binance’s first global partnership with a national soccer body.
Claudio Tapia, president of the AFA, said the agreement with Binance meets all the conditions they are looking for: A leading global brand in its field, innovative, and a vision of creating new digital assets.