A $1 Billion Class Action Lawsuit Targets Cristiano Ronaldo for Promoting Binance
Seeking approval from a Florida federal court, Binance customers aim to serve soccer star Cristiano Ronaldo with a $1 billion class action lawsuit through X and a website publication.
Plaintiffs Can’t Locate the Soccer Star’s Address
The difficulty of locating Ronaldo’s current address in Saudi Arabia is at the core of the customers’ argument for the order, as they aim to use alternative methods to reach out to the renowned soccer player.
The Lawsuit Accuses Ronaldo of Deceptive NFT Promotion
Filed in the Southern District of Florida, the lawsuit contends that Ronaldo’s involvement with Binance was both deceptive and illegal, as he is accused of promoting unregistered securities and assisting in the sale of NFTs linked to Binance.
Celebrities Facing Legal Challenges for Promoting Digital Assets
The suit against Ronaldo comes after his multi-year partnership with Binance to promote a series of NFTs, and similar legal challenges are being faced by other celebrities such as Tom Brady, Gisele Bündchen, Stephen Curry, and Kevin O’Leary following the collapse of FTX.
Hot Take: Lawsuit Against Ronaldo Raises Questions about Celebrities and Crypto
The lawsuit against Ronaldo reflects the growing scrutiny on the promotional activities of celebrities in the crypto space. As digital assets continue to gain popularity, the legal implications for public figures endorsing these assets become increasingly important to consider.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.