Cristiano Ronaldo, considered by many to be the best footballer in the world, is being charged in the US for promoting cryptocurrency brokerage Binance. According to the 129-page lawsuit, the plaintiffs claim they were tricked into trying the broker’s other investment vehicles, including unregistered products.
In other words, the lawsuit notes that Binance and Cristiano Ronaldo’s partnership went beyond their NFT collections. In total, the star has already launched 3 collections, the last of which was in October this year.
Applicants point out that the target group for NFTs has ultimately entered a new investment world. As an example, it is stated that Binance would not be able to offer certain products to US customers.
“Once users registered with Binance to purchase or access NFTs and associated benefits, they were more likely to invest in Binance for other purposes”, points to the process. The list of examples refers to Binance Coin (BNB), programs such as BNB Vault, Simple Earn and others aimed at staking cryptocurrencies. Such programs are banned in the US if not properly registered.
Going further, it also mentions that customers who arrived at Binance through Cristiano Ronaldo could purchase cryptocurrencies that are considered securities by the SEC. In particular, BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI are mentioned in the document.
To that end, the lawsuit also cites the recent agreement between the US Department of Justice and Binance, in which the exchange paid $4.3 billion to end a long investigation that focused on several irregularities.
Cristino Ronaldo should reveal how much he was paid to promote Binance, lawsuit against the star says
The US has prosecuted several celebrities who have promoted cryptocurrencies or companies in the sector in recent years. The biggest example is Kim Kardashian, who was charged just over a year ago, but the list continues with Lindsay Lohan, Soulja Boy and others.
Therefore, these old cases can serve as support in the case against Cristiano Ronaldo and his involvement in Binance.
“Persons making these recommendations may also be responsible for potential violations of the anti-fraud provisions of the federal securities laws by engaging in an unregistered offering and sale of securities.”the lawsuit states, citing a 2017 SEC document.
“Mr. Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities, encouraging his millions of followers, fans and supporters to invest on the Binance platform.”
In addition to lawsuits from government agencies, other celebrities and even brands have been cited in other cases. A good example is the lawsuit against Serena Williams, Paris Hilton, Kevin Hart, Stephen Curry, DJ Khaled, Snoop Dogg, Gwyneth Paltrow and many others for promoting Bored Ape Yacht Club NFTs.
Tom Brady, Stephen Curry, Shaquille O’Neal and Brazilian model Gisele Bündchen were indicted for promoting bankrupt cryptocurrency brokerage FTX.
Cristiano Ronaldo reveals he is working on something new with Binance
Despite the lawsuit, Cristiano Ronaldo continues to work with Binance. In a tweet published on Tuesday (28), the Portuguese shared an excerpt from a behind-the-scenes video, probably about a new product or a promotion in collaboration with the real estate agency.
“Preparing something with Binance.”
Cook something with it @binance https://t.co/FMAP5GAdxE
— Cristiano Ronaldo (@Cristiano) November 28, 2023
With 110 million followers, CR7 is the fourth most followed person on Twitter, behind only Elon Musk, Barack Obama and Justin Bieber. The video above has already been viewed more than 24 million times, proving the reach of his account.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.