Judge Orders Argentinian Soccer Association to Drop Binance Deal

Judge Orders Argentinian Soccer Association to Drop Binance Deal

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

The Argentinian Soccer Association (AFA) has been ordered to stop all the deals it had completed with Binance. María José Gigy Traynor, the judge that ordered the measure against the AFA, considered that there were previously signed agreements that would be in conflict with this new contract.

The sentence 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 the new deal cannot be executed as long as there are other obligations with other parties. This includes previous contracts which involve naming and fan token launch partnerships, like the ones the association had previously signed with Socios.com, the party that sought 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 Argentinian Soccer Association had already launched a fan token partnership with Socios.com. The recent Binance announcement caused confusion and frustration amongst holders of the first token, who took to social media to speak out.

The Argentinian Soccer Association (AFA) has not offered a direct comment on the order, or any actions it may take regarding the injunction. Socios.com, the party affected by the actions of the AFA, 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. Tags in this story afa, Argentina, argentinian soccer association, Binance, Judge, Socios.com

What do you think about the prohibitory injunction that orders the Argentinian Soccer Association to drop all deals 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 rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Salvadoran President Nayib Bukele Expects Bitcoin to Experience a "Gigantic Price Increase" NEWS | 6 hours ago Ubisoft Executive Thinks Players Reject NFTs Because They Don"t Understand Benefits NEWS | 10 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRouter Protocol Launches Mainnet Following Successful $4 Million Raise Next articleBitcoin, Ethereum Technical Analysis: BTC up 10% From Same Point Last Week Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRussian Government Drafts Roadmap to Regulate, Not Ban Crypto, Report Unveils

A roadmap on cryptocurrencies has been prepared by a number of ministries, regulatory bodies, and law enforcement agencies, Russian media reported. The document, which aims to regulate Russia’s crypto market by the end of this year, comes amid disagreements between ... read more.Pop Star Justin Bieber Buys Bored Ape NFT for $1.29 Million, Pays More Than 300% Above Floor Goldman Sachs Warns Bitcoin Increasingly Vulnerable to Fed Rate Hikes as Mainstream Adoption Grows Apple on Metaverse: We See a Lot of Potential and Are Investing — CEO Tim Cook Says "It"s Very Interesting to Us" Ubisoft Executive Thinks Players Reject NFTs Because They Don"t Understand Benefits