Soccer Star Cristiano Ronaldo Faces Lawsuit Over Crypto Promotion
Class-action lawsuit has been filed against soccer star Cristiano Ronaldo, accusing him of promoting unregistered securities with troubled crypto exchange Binance. The lawsuit argues that Ronaldo was involved in the sale of unregistered securities along with Binance, and influenced millions of fans to invest in those securities. The plaintiffs claim that Ronaldo should have been aware of Binance’s actions given his investment experience.
Binance Faces Regulatory and Legal Issues
Ronaldo’s partnership with Binance was part of a larger NFT promotion. However, Binance itself is facing regulatory and legal problems, including a $4.3 billion settlement over money laundering and sanctions violations. The exchange is also being investigated for offering unregistered securities. Binance’s former CEO, Changpeng Zhao, could face up to 18 months in prison.
Celebrities in Legal Trouble for Crypto Promotions
This lawsuit against Ronaldo is not the first instance of celebrities facing legal consequences for promoting cryptocurrencies. After the collapse of FTX, a class-action lawsuit was filed against Tom Brady, Gisele Bündchen, Stephen Curry, and Kevin O’Leary, alleging $11 billion in damages. Reality TV star Kim Kardashian also faced a lawsuit from the SEC for promoting a crypto asset security.
Hot Take: Celebrity Influencers and Crypto Promotion
The case against Cristiano Ronaldo sheds light on the responsibility of celebrity influencers when promoting cryptocurrencies. As regulation in the crypto space tightens, it is essential for celebrities to thoroughly vet their partnerships to avoid legal repercussions. While their influence can drive interest and investment, they must be aware of the legitimacy and compliance of the projects they endorse. Ultimately, this legal battle serves as a warning to all celebrities involved in crypto promotions to exercise caution and due diligence to protect themselves and their followers.
By
By
By
By
By