Cristiano Ronaldo, the world-renowned footballer, is facing a potential class-action lawsuit over his promotion of Binance, a cryptocurrency exchange. The plaintiff alleges that Ronaldo’s endorsement of the exchange led to significant investor losses. The lawsuit accuses Ronaldo of actively promoting the exchange, which sells unlicensed securities 123.
Background
Binance is a cryptocurrency exchange that has been embroiled in legal troubles of its own. The company and its founder, Changpeng “CZ” Zhao, recently pleaded guilty and paid a $4.3 billion settlement to the United States on money laundering charges and running an unregistered money-transmitting business 1. Meanwhile, Ronaldo’s promotion of the exchange has landed him in hot water.
The Lawsuit
The plaintiff in the case accuses Ronaldo of actively endorsing Binance, which sells unlicensed securities. The lawsuit alleges that Ronaldo’s promotion of the exchange led to significant investor losses 2. The plaintiff is seeking class-action status for the lawsuit, which could potentially involve thousands of investors who lost money due to Ronaldo’s endorsement of the exchange.
Ronaldo’s Response
Ronaldo has not yet responded to the lawsuit. However, he is not the only celebrity to face legal troubles over promoting Binance. Tom Brady, Steph Curry, and David Ortiz are among the other celebrities who have been sued for promoting the exchange 4.
Conclusion
Cristiano Ronaldo is facing a potential class-action lawsuit over his promotion of Binance, a cryptocurrency exchange. The lawsuit alleges that Ronaldo’s endorsement of the exchange led to significant investor losses. Ronaldo has not yet responded to the lawsuit. However, he is not the only celebrity to face legal troubles over promoting Binance. Tom Brady, Steph Curry, and David Ortiz are among the other celebrities who have been sued for promoting the exchange. The legal troubles of Binance and its celebrity endorsers highlight the risks associated with investing in cryptocurrency.
References
1: Cointelegraph 2: Invezz 3: MSN 4: Business Insider
