Judge Orders Argentina Football Association to Drop Binance Deal –

A judge has decided to stop the deal that the Argentine Football Association (AFA) signed last week with Binance, one of the leading exchanges in the cryptocurrency world. María José Gigy Traynor dictated an injunction ordering the cancellation of all deals announced or signed with Binance due to exclusivity contracts that the AFA still has with Socios.com. The contracts include the issuance of a new fan token.

Argentine Football Association Blocked on Binance Deal

The Argentine Football Association (AFA) was ordered to stop any deals it had made Binance. María José Gigy Traynor, the judge who ordered the measure against the AFA, considered that previously signed agreements were in conflict with this new contract.

The sentence issued an injunction to “preserve the immutability of a certain factual or legal situation that existed before a party’s conduct during the argument on the merits”.

This means that the new deal cannot be carried out while there are other obligations with other parties. This includes previous contracts involving partnerships for naming and launching fan tokens, such as the one the association previously signed with Socios.com, the party that requested this measure.

Socios.com gets results

The contract signed last year with fan token issuer Socios.com contained commitments that conflicted with the new contract announced with Binance last month. The Argentine Football Association had already launched a fan token partnership with Socios.com. Binance's recent announcement caused confusion and frustration among holders of the first token, who took to social media to speak out.

The Argentine Football Association (AFA) has not directly commented on the order or any action taken regarding the injunction. Socios.com, the party affected by AFA's actions, was relieved to receive this cease and desist order. In a press release on the matter, Socios.com commented specified:

We welcome this decision by an independent judicial system that recognizes that our contracts remain in full force and effect, and we will continue to actively cooperate with the Argentine judicial system to defend the rights of $ARG Fan Token holders.

What do you think about the cease and desist order ordering the Argentine Football Federation to stop all dealings with Binance? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price surge occurred in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. He offers a different perspective on crypto success and how it helps the unbanked and underserved.

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