Cristiano Ronaldo Sued for Promoting Binance

Cristiano Ronaldo Dragged to Court for Promoting Binance

Cristiano Ronaldo, the renowned pro-soccer star, is facing a proposed class-action lawsuit filed on November 27th in a United States district court in Florida. The plaintiffs behind the suit claim that they incurred financial losses due to Ronaldo’s involvement in promoting the crypto exchange Binance, which is currently embroiled in legal troubles.

According to the lawsuit, Ronaldo is alleged to have actively participated in the promotion and sale of unregistered securities in collaboration with Binance. This connection between Ronaldo and Binance was established in mid-2022 when Binance entered into a multiyear partnership with the soccer star.

The partnership aimed to promote a series of Cristiano Ronaldo’s nonfungible tokens (NFTs), with at least three of his NFT collections closely tied to Binance.

The complaint contends that individuals who acquired Ronaldo’s NFTs were more likely to use Binance for other purposes, including investments in what they argue are unregistered securities, such as Binance’s native token BNB and its cryptocurrency yield programs.

Ronaldo’s vast influence and extensive social media following, which numbers around 850 million followers, are emphasized in the complaint. The plaintiffs assert that Ronaldo’s NFT sales played a pivotal role in significantly boosting Binance’s popularity. In fact, there was a remarkable 500% increase in searches for “Binance” during the week following the initial sale of Ronaldo’s NFTs.

This lawsuit is not the only legal challenge that Binance faces. The crypto exchange and its founder, Changpeng Zhao, have already pleaded guilty to money laundering charges, resulting in a $4.3 billion settlement payment by Binance.

Changpeng Zhao or CZ also stepped down as CEO and may face a potential sentence of up to 18 months in prison. Furthermore, Binance is under scrutiny by the U.S. Securities and Exchange Commission (SEC) for various allegations, including the sale of unregistered securities and potential misappropriation of customer funds.

In the midst of these legal battles, Cristiano Ronaldo finds himself entangled in a legal dispute with investors who claim to have suffered losses due to his association with Binance.

The outcome of this lawsuit will be closely watched, as it raises questions about the responsibilities of celebrities and influencers in endorsing cryptocurrency-related projects and whether they are required to report such promotional activities to regulatory authorities like the SEC.

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