The Football lagend Cristiano Ronaldo is in trouble now facing $1 billion lawsuit for recent promotion of Binance which is world’s biggest crypto exchange.
In a surprising turn of incidents for soccer star Cristiano Ronaldo, he is being sued for a whopping $1 billion because he backed Binance, the world’s biggest cryptocurrency exchange.
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Cristiano Ronaldo Crypto Lawsuit ($1 billion)
Cristiano Ronaldo is accused of assisting in the “offer and sale of unregistered securities in coordination with Binance,” which included the sale of non-fungible tokens (NFTs) featuring the football star. The case was made public in a Florida court on Tuesday.
The fact that these digital tokens, which were supposed to capture iconic Ronaldo moments, caused investors to lose a lot of money makes the legal case even more serious.
According to CNN interaction with Binance they have not yet responded yet and Ronaldo’s spokesman has declined to say anything about it.
In November 2022, Ronaldo joined hands with Binance to release special NFTs. This was the start of the controversial partnership. These digital works of art, which preserved important moments from Ronaldo’s long and successful career, became a major attraction in the world of cryptocurrencies.
NFTs, which are a big deal in the crypto world, have changed digital art and keepsakes by turning them into one-of-a-kind, verifiable assets that can be traded easily on the blockchain.
Ronaldo is being sued because he is being accused of making “deceptive statements” and letting Binance use his name and image to promote its goods in a way that is thought to be dishonest. The main issue is the sale of crypto securities that have not been registered, which leaves buyers open to unpredictability in the market.
As this legal case goes on, it shines a light on the intersection of sports, star endorsements, and the changing world of cryptocurrency. It shows how complicated and dangerous this area can be.
Plaintiffs have accused Ronaldo of breaking US law by not disclosing the details of his payment from Binance. The lawsuit says that both Binance and Ronaldo knew that their ads were aimed at people who didn’t know much about cryptocurrency. This raises concerns about compliance and openness.
Gary Gensler, Chair of the SEC, stressed how important it is for celebrities to be honest about the money they get from promoting securities. The SEC fined Kim Kardashian over $1 million last year for a similar violation, so this area of the law is not new to her.
The class action case is asking for more than $1 billion in damages, which is a huge amount that shows how serious the claims are. As interestingly, Ronaldo continues to promote Binance even though he is being sued.
His most recent ad was shared on November 28 to his X account, which has 110 million followers. The ongoing court drama and ongoing endorsements show how complicated it is for celebrities to be involved in the crypto world.
The Binance Issue
Binance is already in troble for last 6 7 months and Binance has gotten a lot of attention after agreeing to a huge settlement that includes fines and other charges worth more than $4 billion. Changpeng Zhao, who started the exchange and was its main force, has decided to step down as CEO and has been fined a large amount of money for it.
This important event happened after US officials spent years investigating and found that Binance helped with illegal activities like child exploitation, drug trafficking, and funding for terrorist groups.
Zhao is facing a possible 10-year prison term, which has serious consequences, though the actual sentence is likely to be less harsh. Zhao will have to step down and pay a $200 million fine. He will also have to pay a $50 million criminal fine and a huge $150 million civil punishment.
“I committed mistakes, and I have to take accountability” meant he was ready to be held accountable for what he had done. This is good for me, our group, and Binance. Binance’s a grown-up now. Now It’s time for me to let go and move ahead.”
US officials have called this the biggest business case involving criminal charges against an executive. It shows how much this event has affected Binance and the cryptocurrency industry as a whole.
Other Celebrities Crypto Lawsuit
In recent time some other celebrities has faced the similar legal issues. Famous people like Tom Brady, Gisele Bundchen, and others are sued for different reasons. Last year, an FTX investor went after Brady, Bundchen, and other celebrities, saying they didn’t tell enough about their ties to a now-defunct cryptocurrency platform. In early 2022, the celebs who were accused, such as Kardashian and Floyd Mayweather, Jr., were hit with a crypto lawsuit.
The lawsuit said that EthereumMax executives worked together with famous promoters to make the EMax token more valuable, which made token sales more profitable. Notably, the lawsuit was later thrown out by a federal judge who questioned the claims’ direct exposure to the ads.
Charles Whitehead, a professor at Cornell Law School, stresses how complicated it is to endorse financial instruments. He tells celebs who are promoting crypto to talk to securities lawyers.
In a world where plugging crypto has different effects, legal attention shows how important it is for celebrities who promote crypto to be honest and watchful.
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