Ronaldo slapped with class-action lawsuit over Binance promo

Footballer Cristiano Ronaldo is facing a potential class-action lawsuit for his promotion of Binance, which is now wrapped up in its own legal battles.

A court filing to a Florida District Court noted that Ronaldo has “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.” The plaintiffs in the case note that Ronaldo’s promotion of the exchange has led to the loss of funds.

In the middle of 2022, Ronaldo teamed up with Binance to promote his collection of non-fungible tokens (NFTs). The plaintiffs against Ronaldo’s promotion state that they were more likely to use Binance and its services for other crypto-related purposes. The users claim that this led to investing in unregistered securities through Binance including its BNB and the cryptocurrency yield programmes.

“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.”

Binance’s legal struggles

Binance and Changpeng Zhao are under legal fire from the Department of Justice. After a $4.3 billion settlement on money laundering charges, Zhao has stepped down as the CEO and is currently facing a potential 18 months in prison.

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