Sports
Ronaldo faces lawsuit over Binance promotion
Cristiano Ronaldo is facing a class-action lawsuit alleging that he promoted unregistered securities for the cryptocurrency exchange Binance.
The lawsuit claims that Ronaldo’s endorsements influenced investors to use Binance for various purposes, including investing in unregistered securities.
The plaintiffs, Michael Sizemore, Mikey Vongdara, and Gordon Lewis, seek damages and legal fees.
“Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform,” they said in a statement
They argue that Ronaldo, with his vast influence and investment experience, should have known that he was promoting unregistered securities.
Meanwhile, Binance and its founder Changpeng “CZ” Zhao are facing their own legal troubles, having pleaded guilty to violating Anti-Money Laundering laws and running an unregistered money-transmitting business.
Binance has agreed to up to five years of compliance monitoring and faces additional charges from the SEC.