Cristiano Ronaldo Faces $1 Billion Lawsuit Over Binance Promotion
Cristiano Ronaldo, the famous football star, has caused controversy in the crypto world after endorsing Binance, a leading cryptocurrency exchange.
Many investors and traders have blamed Ronaldo’s promotion of Binance for their losses and accused him of participating in the sale of unregistered securities.
A class-action lawsuit for $1 billion has been filed against Ronaldo in a Florida District Court, alleging his involvement in these activities.
Ronaldo partnered with Binance in mid-2022 to promote his NFT collections, and at least three of these collections were facilitated on the exchange.
A Detailed Report on Ronaldo’s Lawsuit
The lawsuit highlights Ronaldo’s significant influence in driving Binance’s success and claims that the sale of his NFTs led to a 500% increase in searches for the exchange.
The plaintiffs argue that Ronaldo, with his investment experience and access to advisors, should have been aware of Binance’s involvement in the sale of unregistered securities.
Those who suffered losses following Ronaldo’s promotion of Binance are seeking financial compensation.
What’s Next for Binance?
Binance is facing multiple lawsuits and has recently been accused of neglecting anti-money laundering measures, resulting in its CEO stepping down and a hefty payment settlement.
With this new lawsuit, negative sentiments are growing towards the cryptocurrency exchange.
Hot Take: Binance Under Fire as Cristiano Ronaldo Faces $1 Billion Lawsuit
Binance finds itself in hot water once again as Cristiano Ronaldo faces a $1 billion lawsuit over his endorsement of the exchange. This controversy has sparked anger among crypto investors who blame Ronaldo for their losses. The lawsuit alleges that Ronaldo knowingly participated in the sale of unregistered securities through his partnership with Binance. It also claims that his NFT collections led to a significant increase in searches for the exchange. As Binance faces multiple lawsuits and criticism for its handling of anti-money laundering measures, its reputation in the cryptocurrency markets continues to decline.
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