Football Superstar Cristiano Ronaldo Sued for Advertising Binance
It seems like Binance’s troubles are far from over. Not only is the former CEO facing criminal charges and resigning, but now football superstar Cristiano Ronaldo is being sued in Florida for promoting the exchange. The lawsuit alleges that Ronaldo’s endorsement of Binance led to financial losses for the plaintiffs due to the platform’s inadequate anti-money laundering measures. On top of that, Binance is also facing a demand from US authorities to pay $4.3 billion in settlements.
Partnership Between Ronaldo and Binance
In 2022, Ronaldo entered into a long-term collaboration with Binance to endorse his non-fungible tokens (NFTs). However, the lawsuit claims that individuals who participated in the NFT collection were more likely to use the exchange for activities involving unregistered securities such as the BNB token and yield programs.
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The legal complaint argues that Ronaldo’s promotions encouraged his millions of followers to invest with Binance, soliciting investments in unregistered securities. It also suggests that Ronaldo should have been aware of Binance selling unregistered crypto securities and could have sought external advice given his investment experience and resources.
Additional Allegations
The lawsuit also references the Securities and Exchange Commission’s caution to celebrities about disclosing payments received for endorsing cryptocurrencies. The plaintiffs argue that Ronaldo failed to disclose any payments received from Binance.
Hot Take: The Implications for Binance
The ongoing lawsuits and allegations against Binance raise serious concerns about the exchange’s past actions. With high-profile figures like Cristiano Ronaldo being sued for their involvement with the platform, it remains to be seen how these legal battles will affect Binance’s reputation and future operations.
