A judge has decided to halt 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 has dictated a restraining order ordering the cancellation of all agreements announced or signed with Binance, due to the exclusive contracts that the AFA still has with Socios.com. The contracts include the issuance of a new fan token.
Argentina Football Association blocked in Binance deal
The Argentine Football Association (AFA) has been ordered to stop all deals it had with Binance. María José Gigy Traynor, the judge who ordered the measure against the AFA, found that there were previously signed agreements that would conflict with this new contract.
The sentence issued an injunction to “preserve, while the main trial is reasoned, the inalterability of a certain situation of fact or law existing before the conduct of one of the parties”.
This means that the new agreement cannot be performed as long as there are other obligations with other parties. This includes previous contracts that involve naming and fan token launch partnerships, such as those the association had previously signed with Socios.com, the party that requested this measure.
Socios.com gets results
The deal signed with fan-token issuer Socios.com last year included obligations that conflicted with the new deal announced with Binance last month. The Argentine Football Association had previously launched a fan token partnership with Socios.com. Binance’s recent announcement has caused confusion and frustration among holders of the first token, who have taken to social media to speak out.
The Argentine Football Association (AFA) did not comment directly on the order, or what action it might take regarding the injunction. Socios.com, the party affected by the AFA’s actions, was relieved to receive this restraining order. In a press release commenting on the matter, Socios.com said:
We welcome this decision by an independent judiciary, which recognizes that our contracts remain in full force, and we will continue to actively engage with the Argentine judiciary to defend the rights of Fan Token $ARG holders.
What do you think of the restraining order ordering the Argentine Football Association to drop all agreements with Binance? Tell us in the comments section below.
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