Soccer Superstar Cristiano Ronaldo Sued for Promoting Binance Crypto Exchange – Here’s the Latest
Soccer superstar Cristiano Ronaldo is facing a proposed class-action lawsuit for promoting crypto exchange Binance.
The lawsuit, filed on November 27 in a United States district court in Florida, asserts that Ronaldo played a role in the sale of unregistered securities in conjunction with Binance.
In mid-2022, Binance entered into a multiyear partnership with Ronaldo to promote a series of his own nonfungible tokens (NFTs), with several of the soccer star’s collections tied to Binance.
The complaint argues that users who purchased Ronaldo’s NFTs were more likely to engage with Binance for other purposes, such as investing in what the plaintiffs claim are unregistered securities, including Binance’s BNB token and its crypto yield programs.
According to the lawsuit, Ronaldo’s endorsement of Binance and his massive following of 850 million social media users significantly contributed to the exchange’s popularity.
“Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform.”
The plaintiffs contend that Ronaldo’s NFT sales were exceptionally successful in promoting Binance, resulting in a 500% increase in searches for the exchange during the week following the initial sale.
The lawsuit asserts that Ronaldo should have been aware of Binance’s sale of unregistered crypto securities, given his investment experience and substantial resources that could have been used to seek external advice.
It also references guidance from the U.S. Securities and Exchange Commission (SEC), which warns celebrities about the necessity of disclosing payments received for promoting
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