Pro-Soccer Star Cristiano Ronaldo Faces Class-Action Lawsuit over Binance Promotion
Cristiano Ronaldo, the popular pro-soccer star, is facing a proposed class-action lawsuit from plaintiffs who allege they suffered losses as a result of his promotion of crypto exchange Binance. The lawsuit claims that Ronaldo played an active role in promoting and selling unregistered securities in coordination with Binance.
Ronaldo’s Partnership with Binance
In mid-2022, Binance entered into a multi-year partnership with Ronaldo to promote his own nonfungible tokens (NFTs). The complaint argues that users who purchased Ronaldo’s NFTs were more likely to use Binance for other purposes, including investing in what they believed were unregistered securities such as Binance’s BNB and crypto yield programs.
Ronaldo’s Influence and Allegations
The lawsuit alleges that Ronaldo’s promotions encouraged his millions of followers to invest with the Binance platform, making him a key factor in the exchange’s growing popularity. The complaint also claims that Ronaldo should have known about Binance selling unregistered crypto securities due to his investment experience and resources.
Binance’s Legal Troubles
Meanwhile, Binance and its founder Changpeng “CZ” Zhao are facing their own legal issues. They recently pleaded guilty and agreed to pay a $4.3 billion settlement on money laundering charges and running an unregistered money-transmitting business. The SEC has also sued Binance for selling unregistered securities and is reportedly investigating potential misappropriation of customer funds.
Hot Take: Cristiano Ronaldo Faces Lawsuit Over Binance Promotion
Cristiano Ronaldo finds himself in legal trouble as he faces a class-action lawsuit for his involvement in promoting Binance, the embattled crypto exchange. The lawsuit claims that Ronaldo actively participated in selling unregistered securities in coordination with Binance, and his influence played a significant role in boosting the exchange’s popularity. This case highlights the importance of transparency and disclosure in celebrity endorsements of cryptocurrencies. Additionally, Binance itself is facing its own legal woes, including money laundering charges and allegations of selling unregistered securities. The outcome of these legal battles could have far-reaching implications for both Ronaldo and Binance.
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