May 29, 2024
Class-Action Lawsuit Targets Ronaldo's Binance Affiliation
Latest Cryptocurrency News

Cristiano Ronaldo Faces $1 Billion Lawsuit Over Binance Ties

Cristiano Ronaldo, a prominent soccer figure, is confronted with a substantial $1 billion class-action lawsuit linked to his business ties with cryptocurrency exchange Binance. Filed on Nov. 28 in the District Court for the Southern District of Florida, the lawsuit alleges Ronaldo’s involvement in promoting and participating in the sale of unregistered securities in collaboration with Binance.

The legal action claims to represent consumers who purchased these unregistered securities from Binance, with Michael Sizemore, a California resident, as the lead plaintiff. Sizemore purportedly bought these securities after being exposed to misinformation and omissions regarding Binance platforms.

The lawsuit contends that Ronaldo’s endorsements encouraged investments in these unregistered securities by leveraging his extensive following, which comprises millions of followers, fans, and supporters. This filing also asserts that Ronaldo’s promotions were disseminated across various public platforms, including websites, television, and social media, accessible nationwide, including in Florida.

Ronaldo’s association with Binance dates back to 2022, when they collaborated on a non-fungible token (NFT) collection portraying animated moments from his career. The lawsuit implies that Ronaldo might have received substantial compensation, potentially involving digital assets transmitted through Binance platforms, as part of his services.

Moreover, the lawsuit references prior warnings from the SEC about the nature of virtual tokens as securities, emphasizing the obligation for celebrities to disclose when they receive payment for promoting securities.

This lawsuit is an additional legal challenge for Binance, which has faced previous legal issues, including a lawsuit by the U.S. Securities and Exchange Commission (SEC) for alleged violations of federal securities laws and a recent settlement with U.S. prosecutors regarding accusations of breaking sanctions and money-transmitting laws.

Image by freepik

Related posts

Alert: Coordinated Crypto Hacking and Phishing Surge

Kevin Wilson

Remitano Crypto Exchange Faces $2.7 Million in Suspicious Withdrawals, Speculation of Hacking

Cheryl  Lee

Optimism OP Token Slides 10% Ahead of $30M Unlock

Eva Moore

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.