A few days after Binance signed a sponsorship deal with the Argentinian Soccer Association, a judge has moved to drop the Binance deal.
María José Gigy Traynor has decided to stop the Binance deal signed last week with the Argentinian Soccer Association (AFA). María dictated a prohibitory injunction ordering the cancellation of all deals announced or signed with Binance.
This cancellation move hinges on the exclusivity contracts that the AFA still has with Socios.com. The contracts include the issuance of a new fan token. The judge stated that the previously signed agreements with Socios.com would be in conflict with this new contract with Binance.
In her statement, María, issued a prohibitory injunction to “preserve, while the main process is substantiated, the inalterability of a certain factual or legal situation existing prior to the conduct of one of the parties.”
This means that there can’t be any new deal as long as there are other obligations with other parties. This includes previous fan-token contracts signed with Socios.com, which involve naming and fan token launch partnerships.
Socios.com’s Previous Deal Conflicts with the New Binance Deal
The AFA already signed a fan-token deal with Socios.com last year. This deal included obligations that conflicted with the new Binance deal announced last month. The Binance deal caused frustration and confusion among holders of the first token who voiced their frustration on social media.
The AFA has not given its comment on the order or revealed any actions it may take regarding the injunction. Socios.com, the affected party, was relieved to receive this prohibitory injunction. In a press release commenting on the issue, Socios.com stated, “We welcome this decision from an independent justice system, which recognizes that our contracts remain in full effect, and we will continue to actively collaborate with Argentina’s justice system to defend the rights of $ARG Fan Token holders.”
Also Read: The Argentinian Soccer Association now has Binance as its main sponsor
