Cristiano Ronaldo Faces Class-Action Lawsuit for Promoting Binance
Pro-soccer star Cristiano Ronaldo has been hit with a class-action lawsuit for promoting unregistered securities in connection with the crypto exchange Binance
According to the filing on Nov. 27, a U.S. district court alleges his active participation in Binance's offerings
In mid-2022, Ronaldo collaborated with Binance to promote his NFTs
Users who signed up for Ronaldo's NFTs were more inclined to use Binance for investments in unregistered securities like BNB
The complaint claims that Ronaldo's promotions played a key role in boosting Binance's popularity
The lawsuit also asserts that his NFT sales were 'incredibly successful,' resulting in a 500% surge after the initial sale
Furthermore, the lawsuit points to U.S. SEC guidance on the disclosure of payments received for promoting cryptos, which Ronaldo allegedly failed to follow.