Many of the sports star’s millions of friends, followers, and defenders are said to have been told to trade with the Binance platform.
Cristiano Ronaldo, a world-renowned soccer player, is facing a class action lawsuit in Florida that aims to sue him for more than $1 billion in damages stemming from his association with the cryptocurrency exchange Binance.
The complaint states that Binance was operating unlawfully in the US and offered securities that were not registered. The article states that Ronaldo used his famous status to attract investors and bring in visitors to the site.
Adam Moskowitz, the plaintiffs’ attorney, claimed that “the binding legislation… throughout the nation, regulating mass advertising of bitcoin and unregistered securities, was recently clarified and overturned. He said that the new rules meant that “promoters like Cristiano Ronaldo, who have a financial interest in doing so for themselves or for the benefit of the securities issuer (Binance) financially, can be held liable under securities laws for using the internet and social media to call for a lot of cryptocurrency.”
Binance is accused of many infractions in the case, such as running an unlicensed clearing agency and exchange, not reporting suspicious activities, and not having anti-money laundering measures in place. The cryptocurrency exchange Binance paid more than $4 billion in fines associated with these actions in early November.
Ronaldo reaped financial benefits by directing traffic to Binance, according to the plaintiffs, who also claim that he should have known his advertising may have been unlawful. According to their claims, Ronaldo’s advertising was seen by over 100 million Binance users across various platforms, including TV and social media.
“The lawsuit states that Ronaldo’s promotions encouraged his millions of followers, fans, and supporters to invest with the Binance platform, which in turn solicited investments in unregistered securities,” according to the statement.
In November of last year, Ronaldo collaborated with Binance to launch his first NFT collection, “CR7,” in anticipation of the 2022 FIFA World Cup. The seven animated digital sculptures that made up the premium NFT series immortalized key events in Ronaldo’s remarkable career. An classic posture from Ronaldo’s childhood in Portugal, a breakthrough trick move (like his famous stepover), or a career-defining bicycle kick goal—all were featured on each rare NFT.
Prices for the digital treasures started at around $77 and went all the way up to $10,000. An additional perk for new Binance users who used his promo code was a “CR7 Mystery Box” that may hold one of two unique NFTs. For every kind of NFT, there were 777,777 available.
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