Ronaldo's $1 billion lawsuit

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Cristiano Ronaldo, the world-renowned soccer player, is facing a $1 billion class-action lawsuit for promoting the cryptocurrency exchange Binance. The lawsuit alleges that Ronaldo "participated in and aided" the sale of unregistered securities with Binance, which violated the Bank Secrecy Act1. Ronaldo began partnering with Binance in 2022, creating Non-Fungible Token (NFT) collections and promoting the cryptocurrency exchange to his 849 million followers on social media1. His most affordable NFT was initially priced at $77, but just one year later, it fell to about $123. The plaintiffs argue that Ronaldo's promotions led to a 500% increase in searches for Binance and encouraged customers to invest in the company's Binance Coin236. The lawsuit directly cites Ronaldo's "social media promotions, NFT collection, and other advertising activities" with Binance1. The plaintiffs allege that Ronaldo, given his investment experience and vast resources, should have known about potential concerns regarding Binance selling unregistered crypto securities16. They also argue that Ronaldo was not transparent and failed to disclose how much he was paid for his endorsements, which is a requirement according to the U.S. Securities and Exchanges Commission's statement2356. Binance, the company Ronaldo promoted, recently pleaded guilty to anti-money laundering crimes and operating an unlicensed money-transmitting firm, resulting in a $4.3 billion settlement with U.S. authorities6. Despite these legal troubles, Ronaldo appears to still be working with Binance14. Both Ronaldo and Binance have not returned requests for comment on the lawsuit1.
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telegraph.co.uk
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