<p>Cristiano Ronaldo, the renowned football star, is embroiled in a legal battle, facing a class-action lawsuit alleging he contributed to the promotion of unregistered securities through his association with the cryptocurrency exchange Binance.</p> 
<p>The lawsuit, filed in a U.S. district court in Florida, accuses <a href="https://crypto.ro/en/news/cristiano-ronaldo-confirms-nft-holdings-and-teases-future-collections/">Ronaldo</a> of actively participating in Binance’s marketing strategies, which included a series of his NFTs.</p> 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <p lang="en" dir="ltr">Cooking something up with <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@binance</a> <a href="https://t.co/FMAP5GAdxE" rel="nofollow" target="_blank">https://t.co/FMAP5GAdxE</a></p> 
 <p>— Cristiano Ronaldo (@Cristiano) <a href="https://twitter.com/Cristiano/status/1729477584977600615?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 28, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 id="a-high-profile-promotion-backfires">A high-profile promotion backfires</h2> 
<p>In mid-2022, Binance entered into a multiyear partnership with Ronaldo to promote his NFT collections, tying at least three collections to the exchange.</p> 
<p>The lawsuit alleges that Ronaldo’s promotions played a pivotal role in Binance’s growing popularity and led to a 500% surge in searches for Binance following the initial NFT sale.</p> 
<p>Despite his vast resources and investment experience, the lawsuit claims Ronaldo should have been aware of the nature of Binance’s offerings as potentially unregistered crypto securities.</p> 
<p>Furthermore, the plaintiffs, Michael Sizemore, Mikey Vongdara, and Gordon Lewis, are pursuing damages and legal fees, citing the U.S. Securities and Exchange Commission’s (SEC) guidance, which mandates celebrities to disclose payments for promoting cryptocurrencies – a requirement the lawsuit claims Ronaldo failed to meet.</p> 
<h2 id="wider-implications-for-binance">Wider implications for Binance</h2> 
<p>Binance itself is navigating a troubled legal landscape, having pleaded guilty to violations of Anti-Money Laundering laws and operating an unregistered money-transmitting business. This led to a $4.3 billion settlement with the U.S. government.</p> 
<p>Changpeng “CZ” Zhao, the founder of Binance, has stepped down as CEO and could face prison time. Additionally, Binance is under scrutiny by the SEC for allegedly selling unregistered securities and possibly misappropriating customer funds.</p> 
<p>&nbsp;</p>

Cristiano Ronaldo faces class-action lawsuit over Binance promotion

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