Cristiano Ronaldo faces legal firestorm in the US over alleged Binance NFT promotion
Cristiano Ronaldo is facing a lawsuit for endorsing unregistered securities on the Binance cryptocurrency platform. The accusers claim that Ronaldo's endorsement of Binance resulted in substantial financial setbacks for investors.
Highlights
- Ronaldo had been in partnership with Binance for several years, primarily to enhance the popularity of his NFT collections
- The suit alleges that Ronaldo's collaboration with Binance has resulted in substantial losses for investors
In a legal twist, global football sensation Cristiano Ronaldo finds himself entangled in a class-action lawsuit filed in a Florida District Court on 27 November. The suit alleges that Ronaldo's collaboration with cryptocurrency exchange Binance has resulted in substantial losses for investors, claiming that he actively participated in promoting the sale of unregistered securities on the Binance platform.
Binance partnership turns sour
Ronaldo had been in partnership with Binance for several years, primarily to enhance the popularity of his non-fungible token (NFT) collections. However, the lawsuit contends that this association, coupled with Ronaldo's immense influence, lured unsuspecting investors to Binance, where they were allegedly persuaded to invest in unregistered securities. The focal point of the collaboration was Ronaldo promoting a series of his NFTs on Binance, using his widespread appeal to attract new users to the cryptocurrency exchange.
Allegations of influence and demand for justice
The legal complaint emphasises Ronaldo's extraordinary influence, boasting 850 million followers across various social media platforms, contending that this played a pivotal role in elevating Binance's popularity. It argues that the NFT sales Ronaldo was involved in triggered a staggering 500% increase in searches for "Binance" in the week following the initial sale. Moreover, the accuser suggests that Ronaldo, with his significant investment background and access to top advisors, should have been aware of Binance allegedly selling unregistered crypto securities. The complaint claims that Ronaldo's promotions effectively encouraged investments in these securities by urging his millions of followers to invest with the Binance platform.
As the legal battle unfolds, three aggrieved investors—Michael Sizemore, Mikey Vongdara, and Gordon Lewis—seek compensation and funds to cover their legal expenses. The implications of this case on both Ronaldo's reputation and Binance's standing in the cryptocurrency world remain uncertain as the dispute navigates the legal landscape.
