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The Fan Token Site Socios Has Sued the Argentine Football Association For Signing a Competitive Agreement with Binance.

Socios unilaterally terminated the sponsorship agreement. And he sued the Argentine Football Federation for signing a similar contract with Binance. Socios issues a restriction ordering the AFA to recognize the three signed agreements. Official decision document seen by CoinDesk. He complained to the national commercial court, led by judge María José Gigy Traynor, who issued the order.

According to the measure, the AFA “should not apply any measures that would prevent it from taking any action, conducting any prosecution or exercising exclusive rights” by Socios. The legal proceedings come after the AFA announced that it has been sponsoring national football teams and the professional football league for five years with Binance. Binance made a statement. The company said the deal includes a fan token that will hit the market shortly.

Socios Litigation Process

The two parties made a statement to CoinDesk. AFA canceled a similar project signed with Socios in 2021 that involved the launch and maintenance of $ARG. AFA claims it defaulted on a payment four months ago. The AFA’s claim is that the counter company was notified multiple times but was not paid.

On Tuesday, August 2021, AFA also claimed that Socios did not sufficiently promote the Argentine token, which launched at $4.32 and traded at $1.18 on Tuesday. In addition, the AFA said that there were “several violations” in the use of the image of Socios by the national team and the professional football league. The company told CoinDesk that it has made all related payments to AFA and has no debt. The company said that the token price does not appear in any clause as a sufficient reason to cancel the contract and that “AFA’s image has not been misused”. AFA will sue Socios, alleging non-performance of the contract.

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