2023-11-29T16:32:51+00:00
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/ A class-action lawsuit was filed against Cristiano Ronaldo, in which the filers claimed that they suffered losses due to the Portuguese star’s promotion of the legally involved cryptocurrency exchange “Binance”.
Binance entered into a multi-year partnership with Ronaldo in mid-2022 to promote a series of non-fungible tokens (NFTs), with three sets of the Portuguese star listed on its exchange.
Ronaldo’s NFTs linked to Binance allegedly promoted investments in securities not registered on the cryptocurrency exchange.
A filing submitted on November 27 to a US District Court in Florida stated that Ronaldo promoted and/or assisted and/or actively participated in the offer and sale of unregistered securities in coordination with “Binance.”
The complaint says users who purchased Ronaldo’s NFTs were more likely to transact with Binance for other purposes, such as investing in what plaintiffs claim are unregistered securities, including Binance’s BNB token and cryptocurrency return programs. His own.
According to the lawsuit, Ronaldo’s support for “Binance” and his possession of followers numbering about 850 million users on social media contributed significantly to the popularity of the stock exchange, and the plaintiffs also assert that Ronaldo’s sales of “NFT” were exceptionally successful in promoting “Binance.” “.
The lawsuit alleges that Ronaldo knew or should have known “about Binance’s sale of unregistered crypto securities,” as he has “investment experience and extensive resources to obtain outside advisors.”
It also points to guidance from the US Securities and Exchange Commission (SEC), which warns celebrities that they must disclose payments they receive for promoting cryptocurrencies, a requirement the complaint claims Ronaldo failed to meet.
The class action lawsuit was filed by Michael Sizemore, Mickey Vongdara, and Gordon Lewis, who are seeking damages and money for legal expenses.