Cristiano Ronaldo sued for promoting Binance in $1 billion class action

Soccer superstar Cristiano Ronaldo, known as the world's highest paid athlete, is currently facing a class action lawsuit from Binance customers seeking $1 billion in damages. The lawsuit claims that Ronaldo promoted the cryptocurrency exchange Binance, which recently agreed to pay $4 billion for violating the Bank Secrecy Act.

Ronaldo began his partnership with Binance in 2022, creating NFT collections and posting about it on social media to his 849 million followers. The plaintiffs in the lawsuit argue that Ronaldo "participated in and aided" the sale of unregistered securities with Binance. They claim that Ronaldo, with his investment experience and resources, should have known about the potential concerns regarding Binance's sale of unregistered crypto securities.

The lawsuit specifically mentions Ronaldo's social media promotions, NFT collection, and other advertising activities with Binance. Despite the legal action, Ronaldo appears to still be working with the crypto exchange as he recently posted on Twitter about "cooking something up with @binance."

Both Ronaldo and Binance have not yet commented on the lawsuit. Binance, the largest cryptocurrency exchange globally, recently settled with the federal government for over $4 billion in penalties and restitution. The settlement led to the resignation of Binance founder Changpeng Zhao and a fine of $53 million.

The lawsuit against Ronaldo was filed shortly after the settlement was announced, with the plaintiffs alleging that Binance's fraud was only made possible through the sale of unregistered securities and the assistance of influential organizations and celebrities like Ronaldo. The complaint states that Binance's partnership with celebrities aimed to use their positive reputation to convince consumers that Binance was a safe place to engage in cryptocurrency transactions.

This legal issue involving Ronaldo is not unique, as other celebrities have also faced legal consequences for promoting cryptocurrency projects. Kim Kardashian was fined by the SEC for promoting EthereumMax on Instagram, and celebrities like Tom Brady, Larry David, and Steph Curry were sued for promoting FTX, an exchange founded by convicted fraudster Sam Bankman-Fried.

Ronaldo's yearly earnings were reported to be $136 million, making him the highest paid athlete in the world. It remains to be seen how this lawsuit will impact his partnership with Binance and his overall reputation.


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