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The lawsuit filed against Cristiano Ronaldo for promoting Binance on November 27, 2023 in the District Court of Florida is pending. In this Pooyan Music post, we will discuss the story of Ronaldo’s complaint and the latest news related to it.
The plaintiffs, Michael Sizemore, Mikey Wongdara and Gordon Lewis, allege that they suffered damages as a result of the advertisement. The platform is accused of not taking appropriate measures to combat money laundering. In addition, the exchange was recently asked to pay $4.3 billion in settlement to US authorities.
According to the case, Ronaldo, with the coordination of Binance, promoted, assisted, or actively participated in the offering and sale of unregistered securities.
The footballer entered into a multi-year partnership with the exchange in mid-2022. At that time in digital currency, we saw how Ronaldo mentioned NFT programs. Under this partnership, Ronaldo will promote a series of his NFT (Non-Fungible Tokens). Additionally, according to the filing, users who signed up for the NFT pool claimed they were likely using the exchange for other purposes, such as buying unregistered securities. Unregistered securities include BNB token and exchange rate plans.
“Ronaldo’s advertising helped Binance attract investment in unregistered securities by encouraging his millions of followers, fans and supporters to invest on the Binance platform,” the filing states.
According to the complaint, Ronaldo allegedly either knew or should have known about Binance’s sale of unregistered crypto securities. Additionally, the complaint alleges that the soccer player has “extensive investment experience and resources to acquire outside advisors. “
Additionally, the complaint cited the SEC’s warning to celebrities about disclosing payments received to promote cryptocurrencies. Plaintiffs allege that Ronaldo did not disclose the amounts he received from Binance.
Complaining about Ronaldo is the latest story in Binance stories. The platform’s CEO, Chang Peng Zhao (CZ), recently pleaded guilty to money laundering charges and agreed to step down as chairman of the company.
