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Cristiano Ronaldo and Binance Under Fire for Alleged Unregistered Securities Promotion
The legal action, filed on November 27 in a Florida District Court, asserts that Ronaldo, in collaboration with Binance, played a role in the promotion and sale of unregistered securities.
The lawsuit contends that Ronaldo’s immense influence and widespread popularity enticed unsuspecting investors to Binance, where they were allegedly deceived into making investments in unregistered securities. The focal point of the legal dispute is Ronaldo’s multi-year partnership with Binance to promote his non-fungible token (NFT) collections, featuring exclusive digital artworks and experiences that garnered immediate attention from fans and collectors.
According to the complaint, individuals who engaged with Ronaldo’s NFTs were subsequently more inclined to use Binance for various purposes, including investing in what the lawsuit characterizes as unregistered securities, such as the BNB coin and its associated cryptocurrency yield schemes.
Cooking something up with @binance https://t.co/FMAP5GAdxE
— Cristiano Ronaldo (@Cristiano) November 28, 2023
Ronaldo Faces Lawsuit Over Undisclosed Binance Dealings and Crypto Promo Earnings
Binance further intensified Ronaldo’s association with the cryptocurrency sector by releasing a promotional video showcasing the football star donning a T-shirt adorned with the number 7, his name, and the Binance logo on the sleeve. This visual reinforcement of Ronaldo’s connection with the crypto exchange has fueled speculation about the possibility of him becoming a brand ambassador for Binance.
In the wake of FTX founder Sam Bankman-Fried’s conviction and Binance founder Changpeng “CZ” Zhao’s guilty plea, legal proceedings have unfolded rapidly. Just over a month after Bankman-Fried’s seven-count fraud-related conviction in a Manhattan federal court, and a week after CZ’s admission to multiple federal statute violations, including the Bank Secrecy Act, superstar footballer Cristiano Ronaldo finds himself at the center of a class-action lawsuit.
The legal action alleges Ronaldo’s failure to disclose his dealings with Binance and earnings from promoting cryptocurrency. The lawsuit contends that given Ronaldo’s substantial resources and investment knowledge, he should have been aware of Binance’s offering of unregistered crypto assets. Moreover, it accuses him of not revealing the funds received for endorsing cryptocurrency.
The filed document points out, “Evidence now reveals that Binance’s fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful, and recognized organizations and celebrities across the globe – just like Defendant Ronaldo.”
Related: SEC Investigates Allegations of Continued Access to Binance US Funds by CZ
MLB, Formula 1, and Mercedes Racing Team Face Legal Scrutiny
Simultaneously, Major League Baseball (MLB), Formula 1, and the Mercedes racing team associated with the racing league have become subjects of legal action seeking to recover $11 billion in damages related to FTX. These sports entities join a growing list of targets in class-action lawsuits that aim to hold officials, celebrities, and athletes accountable for endorsing FTX prior to its collapse. Notable personalities such as Shohei Ohtani, Shaquille O’Neal, Trevor Lawrence, Stephen Curry, and Tom Brady, among others, are among those facing legal claims for their role in promoting FTX.
