Superstar Soccer Player Faces Lawsuit Over Binance Endorsement
Renowned soccer player Cristiano Ronaldo is at the center of a class-action lawsuit alleging investor damages linked to his endorsement of the cryptocurrency exchange Binance.
Ronaldo’s Deal with Binance
Ronaldo entered into a multi-year agreement with Binance to promote his non-fungible token (NFT) collections. This collection, featuring unique digital artworks and experiences, garnered immediate attention from fans and collectors.
Accusations of Unregistered Securities Promotion
On November 27, a filing in a Florida District Court accused Cristiano Ronaldo of collaborating with Binance to “promote, assist, and/or actively participate in the offer and sale of unregistered securities.”
The lawsuit alleges that Ronaldo’s collaboration with Binance, coupled with his immense influence, led unsuspecting investors to Binance, where they were deceived into making investments in unregistered securities.
- Investors who registered for Cristiano Ronaldo NFTs were more likely to engage in other activities on Binance.
- This included investing in what the lawsuit claims were unregistered securities, such as the BNB coin and its cryptocurrency yield schemes.
Ronaldo’s Association with Cryptocurrency
Binance released a video featuring Ronaldo sporting a t-shirt with the number 7, his name, and the Binance logo on the sleeve. This video further strengthened Ronaldo’s connection with the cryptocurrency sector, sparking speculation that he might become a brand ambassador for Binance.
Lawsuit Allegations and Failure to Disclose
The lawsuit alleges that Ronaldo, given his “huge resources to hire outside advisers” and “investment knowledge,” should have been aware of Binance offering unregistered crypto assets. It claims that Ronaldo failed to disclose funds received for promoting cryptocurrency.
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.
Other Targets in the Legal Landscape
Simultaneously, MLB, Formula 1, and its Mercedes racing team are also facing legal action aiming to recover $11 billion in FTX damages. This comes in the wake of class-action lawsuits filed against FTX officials, celebrities, and athletes who endorsed the exchange before its collapse.
The list of targeted individuals includes Shohei Ohtani, Shaquille O’Neal, Trevor Lawrence, Stephen Curry, Tom Brady, among others.