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Cristiano Ronaldo in Legal Jeopardy Amid Binance NFT Endorsements

source-logo  blockchainreporter.net 29 November 2023 07:50, UTC

On November 27, a petition was submitted to a Florida District Court, accusing Cristiano Ronaldo of colluding with Binance in the “promotion, assistance, and/or active participation in the offer and sale of unregistered securities.”

BREAKING NEWS: Superstar Cristiano Ronaldo is facing a lawsuit filed in a Florida District Court on Nov. 27, 2023, for promoting #Binance.#CR7𓃵 pic.twitter.com/l2v1r6pE28

— sunnydecree (@sunnydecree) November 29, 2023

The complaint contends that Binance, leveraging Cristiano Ronaldo’s extensive fame and reach, misled unsuspecting investors into acquiring unregistered securities through their collaboration.

A collective legal grievance asserts that investors’ financial setbacks stem from Cristiano Ronaldo’s backing of Binance, a digital currency exchange.

According to the lawsuit, individuals who enrolled in the Cristiano Ronaldo NFTs on Binance were more inclined to engage in various activities on the exchange, including investing in BNB coin and cryptocurrency yield programs, deemed unregistered securities.

Binance and Ronaldo sealed a prolonged agreement for Ronaldo to publicize his NFT holdings, a diverse assortment of unique digital artworks and experiences that rapidly captured the attention of fans and collectors.

Speculation about Ronaldo becoming a Binance brand ambassador intensified following a video where he showcased the cryptocurrency brand while donning a shirt with the number seven, his name, and the Binance logo on the sleeve.

The legal proceedings unfolded a week after Binance founder Changpeng “CZ” Zhao admitted guilt to multiple violations, including those under the Bank Secrecy Act. In contrast, FTX founder Sam Bankman-Fried faced fraud-related convictions in a Manhattan federal court a month earlier.

The legal filing argues that Ronaldo, given his “investment knowledge” and substantial resources, should have been cognizant of Binance’s provision of unregistered crypto assets and accuses him of concealing earnings from bitcoin endorsement deals.

The lawsuit also introduces new evidence suggesting that Binance’s deceptive practices were elevated by offering and selling unregistered securities, with the involvement and support of some of the world’s wealthiest, most influential, and renowned personalities, including Defendant Ronaldo.

Sports Celebrities Preyed by Crypto Endorsements Deals

Simultaneously, legal actions seeking $11 billion in damages against FTX have broadened to encompass Major League Baseball, Formula One, and the Mercedes racing team.

Investors who suffered losses on the now-defunct cryptocurrency exchange are pursuing legal action against FTX, its administrators, celebrities, and athletes who endorsed it before its collapse. Notably, sports organizations have been roped into the expanding litigation.

Prominent individuals, including Shohei Ohtani, Shaquille O’Neal, Trevor Lawrence, Stephen Curry, and Tom Brady, have recently united in lawsuits seeking restitution for endorsing FTX.