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Cristiano Ronaldo slapped with lawsuit over Binance NFT endorsement

source-logo  invezz.com 29 November 2023 04:48, UTC

Football player Cristiano Ronaldo faces a potential class-action lawsuit after allegations that his promotion of Binance led to massive investor losses. The plaintiff accuses Ronaldo of actively endorsing the exchange that sells unlicensed securities.

Soccer superstar Cristiano Ronaldo is facing a class-action lawsuit over claims of promoting investments in unregistered securities linked to the cryptocurrency exchange Binance. The lawsuit, filed on November 27 in a Florida district court, accuses Ronaldo of actively parti…

— OkayBeary (@cryptoscali) November 29, 2023

Binance signed a significant deal with the soccer player to promote its non-fungible tokens. The lawsuit indicated that Binance used Ronaldo’s massive popularity and influence to attract unsuspecting individuals to the trading platform, where they invested in illegal securities.

Ronaldo’s involvement in selling unregistered securities

Cooking something up with @binance https://t.co/FMAP5GAdxE

— Cristiano Ronaldo (@Cristiano) November 28, 2023

Ronaldo has been vocal in the crypto market since collaborating with Binance in 2022 to advertise his non-fungible tokens collection.

The lawsuit stated that Ronaldo’s influence drove Binance’s business. The football star has more than 850 million followers across social media sites. The complaint highlighted that Ronaldo’s NFT sales propelled the exchange to new heights, leading to an enormous 500% surge in “Binance” searches after his initial sale.

The suit stated that the football player has massive investment knowledge and access to expert advice. Thus, Ronaldo should have been aware that Binance was selling unregistered security. Meantime, the plaintiffs want compensation for their losses.

Binance’s legal challenges

The allegations against Cristiano Ronaldo come as the exchange and founder Changpeng Zhao endure legal woes after violating money laundering rules and operating as an unlicensed entity. That forced CZ to quit his CEO role, currently facing a potential 18-month prison time.

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