Ronaldo’s Promotion of Binance NFTs
Cristiano Ronaldo, the renowned Portuguese footballer, is being sued for his involvement in promoting and selling unregistered securities alongside Binance. The lawsuit is seeking damages exceeding $1 billion. The plaintiffs claim that Ronaldo’s endorsement of Binance’s non-fungible token (NFT) collection convinced them to invest in what turned out to be unprofitable ventures. As we reported in June 2022, Ronaldo not only marketed the NFTs but also encouraged his followers to join his Web3 community.
Ronaldo’s Vast Social Media Reach
With over 840 million followers across various social media platforms, Ronaldo’s posts about his partnership with Binance were likely intended to drive traffic to the crypto exchange. The plaintiffs argue that Ronaldo’s promotions helped Binance solicit investments in unregistered securities by encouraging his millions of followers to invest with the platform. They support this claim by pointing out that internet searches for Binance increased by 500% after Ronaldo’s video announcement on X.
Ronaldo’s Continuing Collaboration with Binance
Despite the ongoing lawsuit, Ronaldo, who currently plays in Saudi Arabia, appears to still be collaborating with Binance. This is evident from a post he made on X on November 28th.
Hot Take: Cristiano Ronaldo Faces Lawsuit Over Involvement with Binance
Portuguese football legend Cristiano Ronaldo is facing legal action due to his alleged participation in the sale of unregistered securities alongside Binance. The lawsuit, seeking damages of over $1 billion, claims that Ronaldo’s promotion of Binance’s NFT collection misled investors. Despite the lawsuit, Ronaldo’s massive social media following and reach make him a powerful influencer in the crypto space. It remains to be seen how the legal battle will unfold and what impact it will have on Ronaldo’s reputation and future collaborations in the cryptocurrency industry.
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