Key Takeaways
- Cristiano Ronaldo is facing a $1 billion lawsuit for promoting Binance.
- The lawsuit is filed in Florida District Court (USA) on November 27, 2023.
- The plaintiffs seeking damages and legal costs are Michael Sizemore, Mikey Vongdara, and Gordon Lewis.
- The lawsuit alleges that Ronaldo failed to notice that Binance was dealing in unregistered securities.
- Cristiano Ronaldo also failed to disclose the amount of his partnership with Binance.
Binance is faceing a $4.3 billion settlement with the US Department of Justice, and Founder-Cum-CEO Changpeng Zhao had to step down from his position, and chances of 18 months in jail are also rising.
But the trouble for Binance’s promoters has just started, especially for the notable ones like Al-Nassr’s superstar Cristiano Ronaldo.
Cristiano Ronaldo is now facing a $1 billion class-action lawsuit for partnering with Binance and promoting it.
Ronaldo’s partnership with Binance began in 2022 for an exclusive NFT collection, and thanks to the massive popularity of Ronaldo, Binance saw a huge jump in traffic in searches.
Moreover, the lowest price of the CR7 NFT was $77 in 2022, but in 2023, it was worth $1.
Cooking something up with @binance https://t.co/FMAP5GAdxE
— Cristiano Ronaldo (@Cristiano) November 28, 2023
Furthermore, Cristiano Ronaldo continues to be a partner of Binance and recently posted a tweet about ‘Cooking Something With Binance’.
The Lawsuit
The lawsuit that was filed on November 27, 2023, in Florida District Court (USA) alleges that the firm’s popularity in terms of search jumped by 500%, which the firm took advantage of.
It claims that users who signed up for Ronaldo’s collection were also likely to invest in other purposes that claimants say are unregistered securities, including Binance’s coin (BNB).
Moreover, it also states that despite having a lot of investment experience and a vast number of financial advisors, Binance should have known better that it was selling unregistered securities.
Furthermore, according to the US Securities and Exchange Commission (SEC), celebrities promoting investment in securities must declare the amount they are getting to do it.
Greetings, I am Akriti Gupta, a dynamic content writer and skilled crypto & blockchain analyst, dedicated to staying ahead in the fast-evolving world of cryptocurrency. I have a passion for diving deep into over 1000+ crypto news updates daily, which helps me spot trends, uncover market insights, and deliver thorough analysis that empowers my audience to make informed decisions. My expertise lies in translating complex market movements into engaging, easy-to-understand content, making me a trusted voice for both novice and seasoned crypto enthusiasts. Through my unique blend of analytical skills and content creation, I strive to shape the future of digital finance, one article at a time.
