Cristiano Ronaldo faces lawsuit over Binance promotion and unregistered securities
The soccer mogul Cristiano Ronaldo is facing a class-action lawsuit from plaintiffs claiming to have suffered financial losses linked to his promotion of Binance. The lawsuit was filed on Nov. 27 in a Florida District Court and accuses Ronaldo of aiding in the sale of unregistered securities in collaboration with Binance. Binance entered a multi-year partnership with Ronaldo in mid-2022. As per that agreement, Ronaldo promoted a series of non-fungible tokens (NFT) on the platform. The plaintiffs now allege that Ronaldo’s promotion led users to not only invest in his NFTs, but also to engage with other Binance offerings, including investments in what they claim are unregistered securities , such as Binance’s BNB token and its crypto yield programs. “Binance’s partnership with celebrities like Ronaldo was clearly designed to use the positive reputation associated with specific celebrities to convince consumers that Binance was a safe place to buy and sell ...