- Ronaldo created a frenzy in the world of cryptocurrencies after recently endorsing the leading cryptocurrency exchange Binance.
- A lawsuit was filed on Monday, November 27, in the Florida District Court, finding the football star liable for engaging in activities around the sale of unregistered securities.
- The world’s leading cryptocurrency exchange seems to be in a challenging situation after facing a series of lawsuits.
Portuguese football star Cristiano Ronaldo is being sued over his collaboration with Binance: Here are the plaintiff’s claims!
Ronaldo Sued Over Binance Partnership
Portuguese football star Cristiano Ronaldo created a frenzy in the world of cryptocurrencies after recently endorsing the leading cryptocurrency exchange Binance.
Many crypto investors and traders in the general crypto markets accused Ronaldo’s promotion of Binance, including the promotions he made for NFT collections through his multi-year partnership with Binance, of causing increased investor losses. As a result, Ronaldo is facing a billion-dollar class-action lawsuit.
According to recent reports, the lawsuit was filed on Monday, November 27, in the Florida District Court, finding the football star liable for engaging in activities around the sale of unregistered securities.
Binance established a partnership with Ronaldo in mid-2022, encouraging the facilitation of at least three collections on Binance. The lawsuit primarily points to Ronaldo’s unusual influence, implying that it was critical in propelling Binance to higher peaks.
Interestingly, the lawsuit highlights the impact of NFT sales for the football star’s collection, showing a staggering 500% increase in the overall search results for the exchange in the week following the first sale.
Moreover, the accusing party argues that due to Ronaldo’s significant investment experience and access to top-tier investment advisors, he should have knowledge or at least be aware of participating in the sale of unregistered cryptocurrencies.
Meanwhile, the plaintiffs, Michael Sizemore, Mikey Vongdara, and Gordon Lewis, who experienced losses after Ronaldo’s promotion of Binance, are now seeking financial compensation to cover their legal expenses.
What’s Next for Binance?
The world’s leading cryptocurrency exchange seems to be in a challenging situation after facing a series of lawsuits. Before the aforementioned lawsuit, the platform faced an accusation of neglecting adequate anti-money laundering measures, leading to Changpeng Zhao stepping down as the CEO.
Additionally, the company agreed to a $4.3 billion settlement. Following Binance’s money laundering story, the firm experienced significant exits. Now, with another lawsuit filing, the company appears to continue accumulating negative sentiments in the cryptocurrency market.
