Football Star Cristiano Ronaldo Faces Potential Settlement in Binance Lawsuit
Renowned football player Cristiano Ronaldo could be heading to court and may need to settle for a significant amount of money in a legal battle involving Binance. The cryptocurrency exchange had previously agreed to pay a hefty $4.3 billion fine and replace its CEO as part of a settlement with US regulators. Ronaldo, who had partnered with Binance to launch his line of non-fungible tokens (NFTs), might have to settle the case for $750,000 in order to avoid a public trial in the US, according to cryptocurrency lawyer Jemma Fleetwood.
Considering Settlement as an Option
Fleetwood pointed out similar cases involving Floyd Mayweather and DJ Khaled, who settled claims related to promoting initial coin offerings (ICOs) for around $750,000. She suggested that Ronaldo may also attempt to settle the claims against him to avoid the costs and time associated with a public trial. However, at this early stage, it may be challenging for him to make an offer due to the substantial amount involved.
Ronaldo is currently facing a $1 billion class action lawsuit in the US filed by Michael Sizemore, Mikey Vongdara, and Gordon Lewis. They allege financial losses resulting from Ronaldo’s alleged promotion and participation in the sale of unregistered securities through Binance. The lawsuit claims that Ronaldo should have been aware of Binance selling these alleged unregistered crypto securities when he collaborated with the platform in 2022 for his NFT collection.
Hot Take: Cristiano Ronaldo’s Legal Battle with Binance
Cristiano Ronaldo finds himself embroiled in a legal dispute involving cryptocurrency exchange Binance. As part of a settlement with US regulators, Binance agreed to pay a significant fine and replace its CEO. Ronaldo, who had partnered with Binance to release his NFT collection, may have to settle the case for $750,000 to avoid a public trial. Cryptocurrency lawyer Jemma Fleetwood suggests that settlement could be an option for Ronaldo, citing similar cases involving other celebrities. However, Ronaldo is also facing a $1 billion class action lawsuit alleging his involvement in the sale of unregistered securities through Binance. The outcome of these legal battles remains uncertain.
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