Cristiano Ronaldo is facing a $1billion class action lawsuit for his promotion of crypto currency platform Binance, which happens to be the world’s largest crypto exchange platform.

According to the lawsuit, in cooperation with Binance, Cristiano Ronaldo offered, encouraged, or actively took part in the offer and sale of unregistered securities, including selling his own Non-Fungible Tokens (NFTs).

This caused investors to suffer significant losses. Ronaldo is accused in the case of making “deceptive statements” and of permintting the use of his name and likeness in conjection with Binance‘s false promises made to promote its product.

In accordance with US law, Ronaldo is also accused in the case of failing to disclose the nature and extent of his pay from Binance.

According to the SEC, celebrities who promote securities to the public must tell them who pays and how much they are paid.

The complaint is a class action with a “sum exceeding” $1 billion lawsuit.

Ronaldo continues to support the business by sharing a Binance advertisement on his 110 million-follower X page (formerly Twitter).


source: https://samsunblog.com/2023/12/01/cristiano-ronaldo-faces-1billion-lawsuit-for-promoting-binance/