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 <p>Soccer star Cristiano Ronaldo is facing a class-action lawsuit that alleges the plaintiffs lost money because he promoted unregistered securities with embattled crypto exchange Binance.</p>
 <p>The lawsuit, filed with the U.S. District Court in Florida on November 27, says that Ronaldo “participated in the offer and sale of unregistered securities in coordination with Binance.”</p>
 <p>It further alleges that by working with Binance, Ronaldo encouraged millions of fans to invest in unregistered securities with the exchange giant.</p>
 <p>The plaintiffs claim that Ronaldo should have known that Binance sold unregistered crypto securities, given his investment experience and ability to hire advisers.</p>
 <p><img decoding="async" class="aligncenter wp-image-461758 size-full" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20647%20257'%3E%3C/svg%3E" alt="CR7" width="647" height="257" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/11/29/fd7cb6e9d5195db2e0e6134190bdcf36.webp 647w, https://cdn.thebittimes.com/images/2023/11/29/fd7cb6e9d5195db2e0e6134190bdcf36.webp 300w" data-lazy-sizes="(max-width: 647px) 100vw, 647px" data-lazy-src="https://cdn.thebittimes.com/images/2023/11/29/fd7cb6e9d5195db2e0e6134190bdcf36.webp">
  <noscript><img decoding="async" class="aligncenter wp-image-461758 size-full" src="https://cdn.thebittimes.com/images/2023/11/29/fd7cb6e9d5195db2e0e6134190bdcf36.webp" alt="CR7" width="647" height="257" srcset="https://cdn.thebittimes.com/images/2023/11/29/fd7cb6e9d5195db2e0e6134190bdcf36.webp 647w, https://cdn.thebittimes.com/images/2023/11/29/fd7cb6e9d5195db2e0e6134190bdcf36.webp 300w" sizes="(max-width: 647px) 100vw, 647px">
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 <p>The plaintiffs in the lawsuit, Michael Sizemore, Mikey Vingdara, and Gordon Lewis, seek damages and funds to pay legal fees.</p>
 <h3 id="binance-mired-in-regulatory-legal-battles">Binance Mired In Regulatory, Legal Battles</h3>
 <p>Binance signed a multi-year partnership with Ronaldo in mid-2022 to promote a series of non-fungible tokens (NFTs). Several of these NFTs were tied to Binance.</p>
 <p>The lawsuit comes as legal and regulatory woes engulf Binance and its former CEO, Changpeng Zhao. Binance made a $4.3 billion settlement with U.S. authorities over money laundering and sanctions violations. However, it is still under regulatory probe for offering unregistered securities.</p>
 <p>Zhao could be sentenced to up to 18 months in prison.</p>
 <h2 id="celebrities-besides-ronaldo-face-legal-woes-over-crypto-promotions">Celebrities Besides Ronaldo Face Legal Woes over Crypto Promotions</h2>
 <p>The plaintiffs also referred to a warning by the U.S. Securities and Exchange Commission (SEC) to celebrities promoting cryptocurrencies.</p>
 <p>Following the collapse of FTX, a class action lawsuit was filed against Tom Brady, his supermodel ex-wife Gisele Bündchen, Stephen Curry, and Shark Tank star Kevin O’Leary.</p>
 <p>The lawsuit alleged that FTX customers sustained $11 billion in damages after the exchange halted withdrawals.</p>
 <p>In October 2022, the SEC also filed a lawsuit against reality television star Kim Kardashian for promoting EthereumMax, a crypto a sset security.</p>
 <h3 id="also-read">Also Read</h3>
 <ul>
  <li>SEC Seeks Early Public Comments On Bitcoin ETF Applications By Franklin Templeton, Hashdex</li>
  <li>Ethereum’s Vitalik Buterin Warns AI May Cause Human Extinction, Says ”Even Mars May Not Be Safe”</li>
  <li>Binance Co-Founder Changpeng Zhao Barred From Leaving The U.S. For Now</li>
 </ul>
 <p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cristiano-ronaldo-sued-for-promoting-unregistered-securities-with-binance-tbt72077.html">https://thebittimes.com/cristiano-ronaldo-sued-for-promoting-unregistered-securities-with-binance-tbt72077.html</a></p>
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Cristiano Ronaldo Sued For Promoting Unregistered Securities With Binance

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