Cristiano Ronaldo Faces Lawsuit Over Binance Promotion

• Cristiano Ronaldo Faces Lawsuit for Binance Promotion
• Binance Accused of Insufficient Anti-Money Laundering Measures
• Cristiano Ronaldo's Role in Promoting Binance
• Impact of Ronaldo's Promotion
• What the Lawsuit Claims About Ronaldo and Binance
• Non-Disclosure of Payment
• New Developments in Binance Case

Cristiano Ronaldo Faces Lawsuit for Binance Promotion

On November 27, 2023, three plaintiffs filed a lawsuit in a Florida District Court against the world-renowned football player Cristiano Ronaldo for promoting Binance. The plaintiffs, Michael Sizemore, Mikey Vongdara, and Gordon Lewis, allege that Cristiano Ronaldo's promotion led to their financial loss.

Binance Accused of Insufficient Anti-Money Laundering Measures

According to the lawsuit, Binance, the crypto exchange platform Ronaldo promoted, is accused of inadequate anti-money laundering efforts. Furthermore, the platform was recently required to pay $4.3 billion in settlements to U.S. authorities.

Cristiano Ronaldo's Role in Promoting Binance

The legal document asserts that Ronaldo "promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance." The football star entered a multi-year partnership with Binance in the middle of 2022. Under this agreement, Ronaldo was to promote a series of his own Non-Fungible Tokens (NFTs).

Impact of Ronaldo's Promotion

The document further states that individuals who registered for the NFT collection were more likely to use the platform for additional activities, such as purchasing unregistered securities which include the BNB$312 -5.65% token and the platform's yield programs. The document alleges that Ronaldo's promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers to invest with the platform.

What the Lawsuit Claims About Ronaldo and Binance

According to the lawsuit, Ronaldo knew or should have known about Binance's alleged sale of unregistered crypto securities. The lawsuit further stipulates that Ronaldo, given his extensive investment experience and resources to hire external advisors, should have been aware of these unauthorized activities.

Non-Disclosure of Payment

The lawsuit points to a warning from the Securities and Exchange Commission (SEC) that celebrities should disclose any payments received for crypto promotions. The plaintiffs allege that Ronaldo did not disclose any such payments from Binance.

New Developments in Binance Case

As part of the ongoing legal complications surrounding Binance, the platform's CEO, Changpeng Zhao (CZ), recently pleaded guilty to money-laundering charges and agreed to step down from his leadership position at the company.

Edited by Jonathan Stoker