Cristiano faces $1 billion lawsuit for endorsing Binance's NFT collection
Cristiano Ronaldo Faces Massive Lawsuit Over Binance Securities.
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Portuguese football star Cristiano Ronaldo is under legal scrutiny as he faces a lawsuit for endorsing Binance. The allegations against him involve purported participation in the offer and sale of unregistered securities in collaboration with Binance, the world’s largest cryptocurrency exchange by volume and traffic. The plaintiffs in this case are seeking damages exceeding $1 billion.
Ronaldo’s collaboration with Binance involved endorsing the exchange’s non-fungible token (NFT) collection, which allegedly convinced investors to put their funds into what turned out to be loss-generating investments.
The plaintiffs argue that Ronaldo’s promotions solicited investments in unregistered securities by encouraging his millions of followers to invest with Binance.
Despite the ongoing lawsuit, Ronaldo, who is currently playing in Saudi Arabia, seems to still be collaborating with Binance, as evidenced by a tweet post on Nov. 28 on X. The outcome of this legal battle will have significant implications for both Ronaldo’s reputation and the regulation of celebrity endorsements in the crypto industry.
Celebrity endorsements in the crypto industry are facing legal challenges. Notable figures like Tom Brady and Gisele Bundchen were sued by an FTX investor, alleging inadequate disclosure of ties to a defunct crypto platform like FTX.
Similar legal issues befell Kardashian and Floyd Mayweather, Jr., who both faced a lawsuit claiming involvement in the promotion of the cryptocurrency token EthereumMax for personal financial gain.