Soccer Star Cristiano Ronaldo Faces $1 Billion Lawsuit for Promoting Binance
Cristiano Ronaldo, the renowned soccer player, is being sued in a class action lawsuit worth $1 billion for his involvement in promoting Binance, the world’s largest cryptocurrency exchange. The lawsuit, filed at the United States District Court for the Southern District of Florida Miami Division, alleges that Ronaldo assisted and participated in the sale of unregistered securities in collaboration with Binance.
Ronaldo’s Partnership with Binance
In June 2022, Ronaldo entered into a partnership with Binance to introduce Web3 and non-fungible tokens (NFTs) to his large fanbase. Together, they launched three NFT collections, including the latest one called The CR7 ForeverZone. The plaintiffs in the lawsuit argue that users who were attracted to Binance through Ronaldo’s NFTs likely engaged in other activities on the platform, such as investing in unregistered securities like Binance Coin (BNB) and yield programs.
Influencers’ Role in Binance’s Rise
The plaintiffs claim that influencers like Ronaldo played a significant role in driving up Binance’s popularity by promoting the platform’s securities in exchange for substantial payments. They argue that Ronaldo’s successful NFT sales resulted in a 500% increase in searches for Binance. According to the plaintiffs, these actions contributed to Binance’s fraudulent activities related to unregistered securities.
Binance’s Legal Troubles
The lawsuit also references recent legal cases brought against Binance by regulators as evidence of the exchange’s violation of U.S. trading laws. The plaintiffs mention lawsuits filed by the Commodity Futures Trading Commission and the Securities and Exchange Commission (SEC). They also criticize Ronaldo for not disclosing how much he was paid to promote securities, despite the SEC’s warning to celebrities about such disclosures.
Compensation Sought and Binance’s Settlement
The plaintiffs are seeking compensatory damages, restitution, disgorgement of revenues, legal fees, and statutory damages. This lawsuit comes shortly after Binance and its founder reached a $4.3 billion settlement with the U.S. Department of Justice for violating anti-money laundering laws.
Hot Take: Cristiano Ronaldo Faces Massive Lawsuit for Promoting Binance
Cristiano Ronaldo, the famous soccer star, is facing a staggering $1 billion lawsuit for his involvement in promoting Binance, the world’s largest cryptocurrency exchange. The plaintiffs argue that Ronaldo’s partnership with Binance and his promotion of NFTs led users to engage in illegal activities on the platform. This case highlights the increasing scrutiny faced by influencers and celebrities who endorse cryptocurrencies without proper disclosure or adherence to trading laws. It also adds to Binance’s mounting legal troubles as regulators continue to target the exchange for alleged violations. The outcome of this lawsuit could have significant implications for both Ronaldo and Binance in the crypto industry.
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