<p>Soccer superstar Cristiano Ronaldo is in the midst of a legal battle as he faces a proposed class-action lawsuit from plaintiffs who allege they suffered financial losses due to his involvement in promoting the embattled cryptocurrency exchange, Binance.</p>
<h2 class="wp-block-heading" id="ronaldo-accused-of-promoting-unregistered-securities">Ronaldo accused of promoting unregistered securities</h2>
<p>In a filing dated November 27, 2023, submitted to a Florida District Court, it is alleged that Cristiano Ronaldo</p>
<blockquote class="wp-block-quote">
 <p>“promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.”&nbsp;</p>
</blockquote>
<p>The complaint contends that Ronaldo’s <a href="https://www.cryptopolitan.com/binance-lie-detector-test-cristiano-ronaldo/" rel="noopener noreferrer nofollow">endorsement</a> of Binance led users to invest in what they believed were unregistered securities, including Binance’s native cryptocurrency, BNB, and its crypto yield programs.</p>
<p>The lawsuit asserts that Ronaldo’s promotions played a significant role in soliciting investments in these unregistered securities, leveraging his massive following across social media platforms, which amounts to approximately 850 million followers.&nbsp;</p>
<p>According to the complaint, Ronaldo’s <a href="https://www.cryptopolitan.com/ronaldo-expands-nft-portfolio-on-binance/" rel="noopener noreferrer nofollow">promotion</a> of Binance’s non-fungible tokens (NFTs) saw a substantial increase in searches for “Binance” in the week following the initial sale, indicating the influential impact of the soccer star.</p>
<h2 class="wp-block-heading" id="allegations-of-ronaldo-s-knowledge-and-disclosure">Allegations of Ronaldo’s knowledge and disclosure</h2>
<p>The plaintiffs argue that<a href="https://twitter.com/Cristiano/status/1729477584977600615" rel="noopener noreferrer nofollow" target="_blank"> Cristiano Ronaldo</a>, given his experience in investments and substantial resources, should have been aware of Binance’s alleged involvement in selling unregistered crypto securities.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Cooking something up with <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">@binance</a> <a href="https://t.co/FMAP5GAdxE" rel="noopener noreferrer nofollow" target="_blank">https://t.co/FMAP5GAdxE</a></p>— Cristiano Ronaldo (@Cristiano) <a href="https://twitter.com/Cristiano/status/1729477584977600615?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">November 28, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The lawsuit cites guidance from the U.S. Securities and Exchange Commission (SEC), which emphasizes the need for celebrities to disclose payments received for promoting cryptocurrencies. It is alleged that Ronaldo failed to make such disclosures, contributing to the controversy surrounding his association with Binance.</p>
<p>The proposed class-action lawsuit is brought forth by three plaintiffs: Michael Sizemore, Mikey Vongdara, and Gordon Lewis. They are seeking both damages for their financial losses and funds to cover legal fees incurred in pursuing this legal action.&nbsp;</p>
<p>The case casts a spotlight on the responsibility and liability of celebrities and influencers in the cryptocurrency space, particularly when endorsing platforms and assets that may be subject to regulatory scrutiny.</p>
<h2 class="wp-block-heading" id="binance-s-ongoing-legal-troubles">Binance’s ongoing legal troubles</h2>
<p>While Cristiano Ronaldo’s legal predicament unfolds, Binance and its founder, Changpeng “CZ” Zhao, are facing their own set of legal challenges. Earlier this year, Binance agreed to a substantial $4.3 billion <a href="https://www.cryptopolitan.com/arthur-hayes-questions-crypto-centralization/" rel="noopener noreferrer nofollow">settlement</a> with U.S. authorities in response to money laundering charges and allegations of operating an unregistered money-transmitting business.&nbsp;</p>
<p>As part of the settlement, CZ stepped down as CEO and may potentially face up to 18 months in prison. Additionally, Binance agreed to up to five years of compliance monitoring by the U.S. Justice Department and Treasury.</p>
<p>Furthermore, the SEC has initiated legal action against Binance, alleging various violations, including the sale of unregistered securities. The regulatory agency is also reportedly investigating potential misappropriation of customer funds by the exchange, further complicating the legal landscape for one of the world’s largest cryptocurrency exchanges.</p>

Cristiano Ronaldo in hot water over Binance promotion

목차

Cryptopolitan_News

2023년 11월 29일에 게재된 다른 기사

Bitcoin Price Faces Correction at $38,500 Amid the Tug-of-War Between Longs and Shorts

Bitcoin’s Velocity Indicator Hits Historic Lows: A Signal for Long-Term Holding?

99% of Americans unable to afford housing right now

Industry Expert Travis Kling Calls Justin Sun a Criminal, Urges His Removal From Crypto

Breaking: Cristiano Ronaldo Faces $1 Bln Lawsuit for Promoting Binance

Red Card: Soccer Star Cristiano Ronaldo Faces Lawsuit Over Binance Endorsement

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!