Ronaldo Sued for $1 Billion Over Binance NFT Promotion

• Football star Cristiano Ronaldo faces a class-action lawsuit in the US for promoting unregistered securities on the Binance cryptocurrency exchange.

• The plaintiffs claim that Cristiano Ronaldo endorsement of Binance led them to invest in risky and illegal securities, such as Binance’s BNB token and its crypto yield programs.

• Ronaldo is accused of using his influence and popularity to attract investors without disclosing that the securities were unregistered or that he was paid by Binance.

Ronaldo’s Binance NFT Promotion Backfires

Cristiano Ronaldo, one of the most famous and wealthy athletes in the world, is being sued for promoting unregistered securities on the Binance cryptocurrency exchange. A class-action lawsuit was filed in a Florida District Court on November 27th, claiming that Cristiano Ronaldo backing of Binance has led to significant losses for investors.

According to the plaintiffs, Cristiano Ronaldo actively participated in promoting the sale of unregistered securities on the Binance platform. He did so by endorsing a series of his non-fungible tokens (NFTs) on Binance’s platform. NFTs are digital collectables that show ownership of unique items, such as images or videos online.

Cristiano Ronaldo announced his partnership with Binance, saying that he wanted to reward his fans for their support and to take football to the next level with NFTs. He also posted a video on 28 NOV 2023 at social media, telling his 850 million followers to join Binance and buy his NFTs.

The lawsuit alleges that Cristiano Ronaldo promotion of Binance led to a 500% increase in searches for Binance in the week following the initial sale of his NFTs. It also alleges that Cristiano Ronaldo promotion encouraged his followers to use Binance for other purposes, such as investing in unregistered securities, including Binance’s BNB token and its crypto yield programs.

The plaintiffs claim that these securities are illegal and risky, as they are not registered with the US Securities and Exchange Commission (SEC) and are subject to market manipulation and fraud. They also claim that Cristiano Ronaldo did not disclose that he was paid by Binance to promote its platform and that he should have known that Binance was selling unregistered securities.

Will Cristiano Ronaldo Face Damages by This Lawsuit

The lawsuit is the latest legal trouble for Binance, which is facing multiple investigations and lawsuits from regulators and authorities around the world. Binance is accused of violating anti-money laundering laws, operating an unregistered money-transmitting business, selling unregistered securities, and misappropriating customer funds.

Binance has denied any wrongdoing and said that it complies with all applicable laws and regulations. Binance has also said that it is cooperating with the authorities and that it is committed to protecting its users and the crypto industry.

Cristiano Ronaldo has not commented on the lawsuit yet. He is currently playing for Manchester United in the English Premier League and is considered one of the best football players of all time. He has also built a global brand with his CR7 products, ranging from footwear to fragrances. 

However, it is important to note that the lawsuit against Cristiano and Binance is still ongoing, and the allegations have not been proven in court.