Cristiano Ronaldo sued for promoting Binance, unregistered securities


Pro-soccer star Cristiano Ronaldo has been hit with a proposed class-action lawsuit from plaintiffs claiming they suffered losses from his promotion of the now-legally embroiled crypto exchange Binance.

A Nov. 27 filing to a Florida District Court claimed Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.”

How To Get Free Crypto  

Binance entered a multi-year partnership with Ronaldo in mid-2022 to promote a series of his own nonfungible tokens (NFT), of which he has at least three collections tied to Binance.

The complaint claims users who signed up for Ronaldo’s NFTs were more likely to use Binance for other purposes — including investing in what they claimed were unregistered securities, including Binance’s BNB (BNB) and its crypto yield programs.

“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.”

Ronaldo was a key part of Binance’s growing popularity due to his influence and reach, with 850 million followers across social media, says the complaint. They allege his NFT sales were “incredibly successful” at promoting the exchange, with a 500% increase in searches for “Binance” the week following the initial sale.

The suit alleges Ronaldo knew or should have known “about Binance selling unregistered crypto securities” as he has “investment experience and vast resources to obtain outside advisers.”

Coinbase Banner  

Related: Why Binance’s US plea deal could be positive for crypto adoption

The suit cited Securities and Exchange Commission guidance, which warned celebrities of the need to disclose payments received for promoting cryptocurrencies — which the complaint claims Ronaldo didn’t do.

The class action plaintiffs are Michael Sizemore, Mikey Vongdara and Gordon Lewis, who seek damages and funds to cover legal fees.

Meanwhile, Binance and founder Changpeng “CZ” Zhao is facing their own legal woes, pleading guilty and paying a $4.3 billion settlement to the United States on money laundering charges and running an unregistered money-transmitting business.

Zhao stepped down as CEO and faces up to 18 months in prison. Binance agreed to up to five years of Justice Department and Treasury compliance monitoring.

FreeBitcoin Banner  

The SEC has sued Binance claiming — among other charges — that it sold unregistered securities and is reportedly investigating if Binance misappropriated customer funds.

Magazine: NFT Creator: DMT and a Hellboy outfit — How diewiththemostlikes got on SuperRare

Go to Source
Author: Jesse Coghlan


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.