Cristiano Ronaldo Hit With $1 Billion Lawsuit Over Promoting Binance

Cristiano Ronaldo has been hit with a class-action lawsuit from plaintiffs claiming they suffered losses from his promotion of the now-legally embroiled crypto exchange Binance.

The exchange and the Al-Nassr star inked a sponsorship agreement in June 2022, following the Financial Conduct Authority's designation of the company as a “significant risk” to consumers. The company went on to create a range of NFTs (non-fungible tokens) under its auspices.

According to the claimants, Ronaldo's involvement led to investments that were lost money and damages totaling “sum exceeding” $1 billion.

The complaint alleges that Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.” It was submitted on Tuesday to the United States District Court, Southern District of Florida in Miami.

According to additional claims, after the tokens were released, there was a “500 percent increase in searches” for the cryptocurrency exchange as a result of Ronaldo's promotion of the range.

The U.S. Securities and Exchange Commission (SEC) chair, Gary Gensler, has previously stressed the importance of public disclosure when celebrities recommend investments, especially in crypto-asset securities.

He underlined the significance of comprehending the motivations underlying such endorsements and urged investors to undertake extensive research prior to making an investment.

Source: Dklassgh.Com