Ronaldo Faces Class-Action Lawsuit Over Binance Endorsement
- Christiano Ronaldo is facing a class-action lawsuit over Binance promotions.
- The soccer player partnered with Binance last year.
- The plaintiffs allege Ronaldo’s influence enticed users to invest in unregistered securities.
Five-time Ballon d’Or soccer star Cristiano Ronaldo is the target of a proposed high-profile lawsuit that accuses him of actively participating in the sale of unregistered securities on Binance .
In June 2022, Binance announced an exclusive multi-year partnership with the sensational soccer player and collaborated on launching NFT collections after that. According to the lawsuit, the NFT sales resulting from this partnership were “incredibly successful at endorsing the exchange,” leading to loss of funds.
Cristiano Ronaldo Sued
In a lawsuit filed at the US District Court for the Southern District of Florida, the plaintiffs contend that the partnership leveraged Ronaldo’s immense influence to reach and attract new users to Binance, including unsuspecting investors enticed into buying unregistered securities.
Notably, the plaintiffs claimed that Ronaldo’s massive following of 850 million people across social media platforms was instrumental in propelling Binance to greater heights. Following the initial launch of Cristiano’s NFT collection, search engine volumes for “Binance” rose to an outstanding 500%.
“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,” the filing read.The suit further alleges that Ronaldo failed to disclose pertinent issues about his ties with Binance.
Allegations of Negligence
According to the plaintiffs, with his extensive investment background and access to top-tier advisors as a professional soccer player, Ronaldo “should have been aware, or at least should have known,” that Binance was selling unregistered securities.
Besides failing to recognize this, the lawsuit asserted that Ronaldo failed to disclose that he had received payment for promoting cryptocurrency and related assets, as mandated by the U.S. Securities and Exchange Commission in warning to celebrities.
Read why FTX users recently sued the Mercedes F1 team and MLB:
FTX Users Target Mercedes F1 Team, MLB in Class-Action Lawsuit
Stay updated on why the SEC is still investigating Binance:
SEC Still Investigating Binance for Potential FTX-Like Fraud
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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