Football fan token operator Chiliz has blocked a sponsorship agreement between the Argentine Football Association (AFA) and the Binance exchange in arbitration.
The injunction directs AFA to cancel all trades announced or signed with Binance, as AFA previously entered into an exclusive fan token issuance contract with Chiliz-owned platform Socios.
The judge who decided on action against AFA considered that the agreement signed with Socios conflicts with the terms of the new contract with Binance.
The court ordered AFA to “refrain from taking any action, conducting any proceedings or taking any measures that may interfere with the exercise of exclusive rights” by the Socios platform. The AFA acknowledged the injunction but said it would appeal the decision.
The conflict of interest arose last week after it was reported that the AFA had agreed to a five-year partnership with Binance, in which the crypto exchange was supposed to become the main sponsor of the Argentina football team. For Binance, the deal was the first partnership with a national football organization.
Source: Bits
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