The football player, known worldwide, Cristiano Ronaldo may have to make a legal settlement with a very considerable sum for promoting the largest cryptocurrency exchange, Binance.
The football star faces a $1 billion class action lawsuit in the US after promoting a non-fungible token (NFT) on social media with Binance.
According to recent information do The Atletic, the player may have to settle the case with an amount of US$750.000 to avoid a public trial in the United States related to the process.
Recently, Changpeng “CZ” Zhao, founder of Binance, has decided to step down from his role as CEO. This move came as part of a stunning $4 billion settlement reached between Binance, the United States Department of Justice (DOJ), and the Commodities Futures Trading Commission (CFTC). The agreement implied the admission of liability of CZ on anti-money laundering charges brought by the DOJ.
Cristiano Ronaldo Faces Legal Action in the United States for Promoting Cryptocurrencies on Binance
An unexpected figure emerges into the legal spotlight in the United States in cryptocurrency market. Renowned football player Cristiano Ronaldo, known for his extraordinary feats on the field, now faces a lawsuit in Florida for its participation in promoting the Binance platform. This case brings to light critical issues in the cryptocurrency ecosystem and the celebrity advertising sphere.
In 2022, Cristiano Ronaldo and Binance formed a strategic partnership. The agreement included the promotion of Ronaldo's exclusive non-fungible tokens (NFTs), expanding Binance's reach in the digital market. The collaboration looked promising, with Ronaldo using his massive influence to endorse Binance products, a move seen as a major step forward in popularizing cryptocurrencies.
However, the situation took an unexpected turn. Michael Sizemore, Mikey Vongdara and Gordon Lewis, the plaintiffs in the lawsuit, allege they suffered significant financial losses due to Ronaldo's promotional practices. According to them, Binance did not implement adequate measures to combat money laundering, and the activities promoted by Ronaldo encouraged investments in unregistered securities, including the BNB token and exchange income programs.
