Cristiano Ronaldo Faces Legal Storm as Investors Sue Over Binance Partnership
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In a legal twist, renowned football icon Cristiano Ronaldo is now entangled in a lawsuit filed by a group of investors, alleging losses tied to his collaboration with Binance, the world’s largest cryptocurrency exchange.
A document filed on November 27 in a Florida district court claims that Ronaldo actively participated in the promotion and sale of what the investors argue are unregistered securities in conjunction with Binance.
The legal dispute stems from a multiyear partnership formed in mid-2022 between Ronaldo and Binance, where the football star promoted his non-fungible tokens (NFTs), including the CR7 ForeverZone collection, launched exclusively on Binance in October 2023.
The lawsuit contends that users engaging with Ronaldo’s NFTs were more likely to delve into Binance for other activities, including investing in alleged unregistered securities like Binance’s BNB and crypto yield programs.
Cristiano Ronaldo Boosted Binance’s Branding Significantly
Ronaldo, boasting a massive social media following of 850 million, played a pivotal role in boosting Binance’s popularity, resulting in a 500% surge in searches for the exchange following the NFT sale, as per the complaint.
The legal action argues that Ronaldo, given his investment experience and extensive resources, should have been aware of Binance’s alleged misconduct in selling unregistered crypto securities.
According to Cointelegraph, the class-action lawsuit, led by plaintiffs Michael Sizemore, Mikey Vongdara, and Gordon Lewis, seeks damages and legal fees.
Interestingly, Ronaldo, who’s yet to comment on the lawsuit, made a social media post a day after its filing, teasing a collaboration with Binance: “Cooking something up with Binance.”
Cooking something up with @binance https://t.co/FMAP5GAdxE
— Cristiano Ronaldo (@Cristiano) November 28, 2023
This lawsuit adds to the string of legal challenges faced by Binance as regulatory scrutiny intensifies globally. The exchange has encountered restrictions or bans in various countries, including the US, the UK, Germany, Japan, and Singapore.
Ronaldo’s legal clash with Binance unveils a new chapter, merging the worlds of sports and finance, as the football star navigates the consequences of his crypto venture.
