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.