A class-action lawsuit has been filed against pro-soccer star Cristiano Ronaldo, alleging that his promotion of a crypto exchange has resulted in losses for the plaintiffs. Filed on November 27 in the Florida District Court, the suit claims Ronaldo actively participated in offering unregistered securities in coordination with Binance. It asserts that users, drawn by Ronaldo's NFT promotions, were more likely to use Binance for various purposes, including investing in what they claim were unregistered securities.
The plaintiffs argue that Ronaldo was a part of Binance's increasing popularity. Despite having over 850 million followers on his social media platforms, the question arises of how offering unregistered securities could be appropriate for him. The lawsuit also highlights several complaints, stating that Ronaldo's NFT sales significantly boosted Binance, with a 500% increase in searches for the exchange the week after the initial sale. The plaintiffs assert that Ronaldo should have been aware of selling unregistered crypto securities given his investment experience and access to various sources. Using these sources, Ronaldo could have discerned the unregistered nature of the securities he was promoting.
In 2022, Ronaldo partnered with Binance to boost his NFT collection. However, currently, Cristiano Ronaldo finds himself in significant trouble due to the filed case against him. Meanwhile, Binance and its CEO were already grappling with issues. CEO CZ of Binance has been found guilty of violating US anti-money laundering laws. As a result, he had to resign, and Binance agreed to a $4.3 million settlement to resolve the ongoing investigation into the crypto exchange. Amidst this, the lawsuit against Ronaldo could add more complexity to Binance's challenges.
Also Read : Nexus of Cryptocurrencies, Dark Web Transactions, and Money Laundering
