Cristiano Ronaldo, the famous footballer, is facing a class-action lawsuit. Cristiano Ronaldo is accused of promoting the sale of unregistered securities. He did this by endorsing the cryptocurrency exchange Binance. Investors lost money, and they filed a lawsuit. Ronaldo may have known about Binance’s involvement in selling unregistered cryptocurrency securities. This news has surprised the football world.
Ronaldo’s Multi-Year Partnership with Binance and NFT Collections
Cristiano Ronaldo teamed up with Binance through a long-term marketing deal. Together, they made exclusive Ronaldo NFT collections for the Binance NFT marketplace. These collections come out every year and show animated statues of Ronaldo. Each statue has a different rarity level and captures special moments from Ronaldo’s life. The first collection was released on November 18, 2022.
A lawsuit has been filed against Ronaldo. The people who filed the lawsuit claim that Ronaldo’s endorsement of Binance caused them to lose a lot of money. They want $1 billion in damages. The allegations are serious.
The lawsuit is about Ronaldo promoting Binance. This led to the sale of unregistered securities. This might break securities laws. The case depends on whether Ronaldo knew about Binance’s involvement. If he did, he might be responsible.
There has been no public response from Cristiano Ronaldo or his representatives regarding the lawsuit. However, this development occurs against the backdrop of Binance facing regulatory scrutiny globally. The SEC and CFTC are looking into Binance. This could make things harder for Ronaldo. He might face legal problems.
We don’t know what people think about Ronaldo promoting Binance NFTs. People have been talking about it. A lawsuit has made investors unsure about what might happen to their investments.
We are unsure how the lawsuit will affect Ronaldo’s reputation and relationship with Binance. Ronaldo has not commented publicly on the issue, so we can only speculate about what might happen to him and Binance.
Celebrities who promote cryptocurrency products are being sued more often now. Celebrities like Madonna, Justin Bieber, Larry David, and Jimmy Fallon got into trouble for promoting cryptocurrencies. This teaches us to be careful before endorsing anything. They need to check if their claims are true, or they might get into legal trouble.
Celebrities endorsing cryptocurrencies and NFTs have faced legal challenges. Cristiano Ronaldo is one such case. Crypto endorsements are under scrutiny by regulators worldwide. They want to hold the industry accountable and prevent investors from losing money. This is because promoting unregistered securities and misleading claims can be risky. Unregistered securities case Ronaldo
