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 <p class="paragraph">As if news of Binance‘s former CEO Changpeng Zhao resigning and facing criminal charges wasn’t enough, football superstar Cristiano Ronaldo is being sued in Florida for advertising this platform.</p>
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 <p class="paragraph">According to the <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a>, Michael Sizemore, Mikey Vongdara, and Gordon Lewis allege they experienced financial losses due to Ronaldo’s <a rel="noopener noreferrer nofollow" title="promotion" href="https://thebittimes.com/tag/promotion.html">promotion</a> of the exchange. The platform is accused of failing to implement adequate anti-money laundering measures. Additionally, the exchange is currently facing a demand from US authorities to pay $4.3 billion in settlements.</p>
 <p class="paragraph">Charges consist of “<a rel="noopener noreferrer nofollow" title="promotion" href="https://thebittimes.com/tag/promotion.html">promotion</a>, assisting, and/or actively participating in the offer and sale of unregistered securities in coordination with Binance.“</p>
 <h2 class="wp-block-heading" id="h-partnership-between-ronaldo-and-binance">Partnership between Ronaldo and Binance</h2>
 <p class="paragraph">In 2022, the football player established a long-term collaboration with the exchange. Under the partnership, Ronaldo was to endorse a set of his non-fungible tokens (NFT).</p>
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 <p class="paragraph">The legal document also states that individuals enrolled in the NFT collection allege a higher likelihood of using the exchange for various activities, including acquiring unregistered securities. These unregistered securities encompass the BNB token and the exchange’s yield programs.</p>
 <p class="paragraph">The filing states, “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.“</p>
 <h2 class="wp-block-heading" id="h-additional-allegations">Additional allegations</h2>
 <p class="paragraph">As per the legal complaint, Ronaldo is accused of being aware or should have been aware of “Binance selling unregistered crypto securities.” The <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a> also asserts that the footballer could have sought external advice, given his investment experience and substantial resources.</p>
 <p class="paragraph">Furthermore, the <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a> references the Securities and Exchange Commission’s (SEC) caution to celebrities about disclosing payments for endorsing cryptocurrencies. The plaintiffs argue that Ronaldo failed to disclose payments received from Binance.</p>
 <p class="paragraph">How and whether this <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a> saga will reflect on Binance remains to be seen. Right now, we are witnessing an increased amount of news that is uncovering Binances’ past wrongdoings.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cristiano-ronaldo-faces-lawsuit-over-promotion-of-binance-tbt72011.html">https://thebittimes.com/cristiano-ronaldo-faces-lawsuit-over-promotion-of-binance-tbt72011.html</a></p>

Cristiano Ronaldo faces lawsuit over promotion of Binance

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TheBitTimes

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