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Ronaldo faces lawsuit over Binance promotion

source-logo  cryptonewsz.com 29 November 2023 13:00, UTC

There is a big class lawsuit involving Cristiano Ronaldo, one of the most famous football stars in the world nowadays. In this case, plaintiffs, including Michael Sizemore, Mikey Vongdara, and Gordon Lewis, assert that they have suffered these financial losses due to having Ronaldo promote his investment in Binance, one of the biggest cryptocurrency exchanges.

Ronaldo partnered with Binance to convince prospective investors that the firm is legitimate when dealing with cryptocurrencies. Ronaldo worked with Binance as a brand ambassador in 2022 for more than a year and produced a special collection of one-of-a-kind Binance NFTs.

Despite the difficulties the digital currency market is encountering in general and specifically with regard to leading business entities such as Binance and CZ, there has just been an open case in court.

In this case, the defendant is Zhao, a Chinese national and presently a Canadian citizen. He was born in 1977, and he was instrumental in turning his company into the forefront of the international crypto industry. His success resulted in him attaining a current net worth of about 65 billion dollars, with more than 13 million followers who consider him one of the major personalities in the crypto world.

However, the company was charged with such crimes as support for terrorism and unlawful business dealings with Iran and North Korea. In the end, Zhao and Binance pleaded guilty to these infractions and were slapped with a penalty of more than four billion dollars. Consequently, Zhao resigned as CEO, although he still owns the company shares.

Even Sam Bankman-Fried has gotten into trouble with the law. He founded FTX Exchange, which is a well-famed platform among other large ones, in 2019. It goes without saying that Bankman-Fried’s success must have made his father proud. Although he became an alleged ambassador for FTX, Bankman-Fried still has a considerable fortune, reportedly valued at around $24 billion. He confessed before the U.S. Federal Court on multiple charges of bankruptcy fraud.

The lawsuit against Ronaldo indicates the ongoing monitoring of a sector that has faced substantial fluctuation and intervention by the government. Consequently, it is essential for crypto platforms and other digital financial services seeking to navigate their way and survive in this sector to have celebrity endorsements.