Red Card: Soccer Star Cristiano Ronaldo Faces Lawsuit Over Binance Endorsement

Share This Post

Superstar soccer player Cristiano Ronaldo is the target of a class-action lawsuit that claims investor damages resulted from his support of cryptocurrency exchange Binance.

Ronaldo signed a multi-year deal with Binance to promote his non-fungible token (NFT) collections. Fans and collectors took an immediate interest in the collection, which included unique digital artworks and experiences.

Cristiano Ronaldo, Binance Accused Of Unregistered Securities Promotion

Cristiano Ronaldo was accused of coordinating with Binance to “promote, assist, and/or actively participate in the offer and sale of unregistered securities” in a filing made on November 27 to a Florida District Court.

According to the lawsuit, this collaboration and the enormous influence and reach of Cristiano Ronaldo lured unwary investors to Binance, where they were tricked into making unregistered securities investments.

Based on the complaint, people who registered for the Cristiano Ronaldo NFTs were more likely to use Binance for other reasons, such as investing in what they said were unregistered securities, such as the BNB coin and its cryptocurrency yield schemes.

Binance posted a video of Ronaldo striking a stance on a t-shirt with the number 7 and his name, as well as the Binance name on the sleeve.

The video has strengthened Ronaldo’s association with the cryptocurrency sector and given rise to speculation that he would sign on as a brand ambassador for Binance.

The legal actions transpire within a month and a week, respectively, following the conviction of FTX founder Sam Bankman-Fried on seven fraud-related counts in Manhattan federal court, and the guilty plea of Binance founder Changpeng “CZ” Zhao for multiple federal statute violations, including the Bank Secrecy Act.

Lawsuit Claims Failure To Disclose Binance Dealings, Crypto Promo Earnings

The lawsuit claims that because Ronaldo has “huge resources to hire outside advisers” and “investment knowledge,” he should have known or should have known “about Binance offering unregistered crypto assets.”

The complaint alleges that Ronaldo failed to disclose funds he received for promoting cryptocurrency.

The document that Ronaldo is facing says:

“Evidence now reveals that Binance’s fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognized organizations and celebrities across the globe – just like Defendant Ronaldo.”

MLB, Formula 1, Mercedes Racing Team Also Targeted

Meanwhile, MLB, Formula 1, and its Mercedes racing team are now also the targets of litigation aiming to recover $11 billion in FTX damages.

FTX officials, celebrities, and athletes who endorsed the exchange prior to its collapse are the targets of class-action lawsuits filed by investors who lost money on the fraudulent cryptocurrency exchange, adding the sports organizations to the list.

The cases are the most recent in a series of concerted legal actions that have requested damages for pushing FTX from a number of celebrities, including Shohei Ohtani, Shaquille O’Neal, Trevor Lawrence, Stephen Curry, and Tom Brady, among others.

Featured image from Shutterstock

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Chainlink Rockets 20%: Whale Activity Sparks Break From Bear Trend

Chainlink (LINK) is experiencing significant growth in the cryptocurrency sector, with a 20% increase in value in just one week and a potential change in its long-term trajectory Related Reading: XRP

Cardano Whales Holding $10M ADA Grow Positions by 420%, Time to Buy?

The post Cardano Whales Holding $10M ADA Grow Positions by 420%, Time to Buy appeared first on Coinpedia Fintech News Cardano (ADA) has made a wild move in the past few days and has gained notable

1inch Launches Fusion+, A Cross-Chain Swapping Solution for Decentralized Transactions

1inch, a decentralized finance (defi) platform, has officially rolled out Fusion+, a cross-chain swapping tool designed to enhance the security and simplicity of decentralized transactions Fusion+ by

Ethereum Shorts Hit Record High as Market Leverage Soars

Leveraged short positions in ethereum (ETH) have climbed to unprecedented highs, signaling a bearish tilt in market sentiment as traders brace for intensified volatility Ethereum Bears Bet Big as

XRP To Hit $40 In 3 Months But On This Condition – Analyst

XRP remains one of the crypto market’s current trailblazers rising by 2321% in the past 24 hours Over the last two weeks, the prominent altcoin has recorded a 154% price gain establishing itself as

Cipher Mining: Will It Be Another Standout Bitcoin Miner This Cycle?

Dive into Cipher Mining’s Q3 2024 performance From revenue challenges to strategic investment in fleet upgrades, data center expansion and plans for AI/HPC Discover what’s next for this