Brazilian team claims Bitci default and breaks fan token contract, which drops 10%

The company of  cryptocurrencies --nbsp ;Bitci, former sponsor of the Brazilian national team,  had his contract with the Brazilian Football Confederation (CBF) terminated for allegedly not honoring the commitments agreed upon by sponsoring the national team.

Thus, according to the portal  Máquina do Esporte , CBF broke the contract with a  exchange . According to the report,  the alleged default had already been applied by Bitci for several months.  The agreement between the exchange and the CBF provided for a 3-year contract and included the main selection, which is on  Qatar World Cup , women's national team, U-20, U-17 and U-15.

Also,  under the agreement, only Bitci, in the segment of  blockchain  e  cryptocurrencies , could be a sponsor of the Selection.  In addition to the CBF, Bitci also had broken contracts with Sporting (Portugal), Spezia (Italy) and McLaren (Formula 1 team). In Brazil, the company also closed support with the football teams of Ceará, Coritiba, Fortaleza, Sport and Vitória (these still without information about interruption or delay in payments).

However, those most affected by the breakup  of the partnership must be investors who bought CBF fan tokens on Bitci  and that, through them, they would have access to exclusive experiences linked to the Brazilian National Team.  According to the CBF, with the termination of the contract, Bitici has already been notified to end the sale of tokens.

Upon publication of the breach of contract,  the fan token of the Brazilian team registered a drop of more than 10%.  Sought by Cointelegraph, the CBF has yet to comment on the case.

Problems would have started already in January

According to Cointelegraph, Bitci's problems with the teams with which it had closed sponsorship began between January and February of this year, when the company would have started to delay payments. At the time, some teams already turned on an 'alert' signal and would have prevented the evolution of the contract with the company and suspended the issuance of fan tokens.

As soon as it was questioned by the teams about the delay in payments, Bitci would have claimed that it was under pressure from Turkish regulators who had intensified the regulation of cryptocurrency companies and an alleged ban on carrying out 'international transfers' of cryptocurrencies.

The first team to break the contract with the company was McLaren, which, in February this year, claimed that the Turkish company had not been honoring the agreed payments. Shortly afterwards, Sporting Lisbon also announced the termination of the contract, claiming non-payment.