Al-Nassr’s crown footballer, Cristiano Ronaldo, is said to be entangled in a $1B legal challenge due to his association with the contentious cryptocurrency exchange Binance. The exchange is currently under scrutiny for allegedly trading unlicensed securities. According to OkayBeary, the 38-year-old is confronting a class-action lawsuit concerning allegations of endorsing investments in unregistered securities associated with Binance.
The lawsuit in question was submitted on November 27 in a Florida district court, alleging Ronaldo’s direct involvement in the business promotion of the cryptocurrency exchange firm. According to Invezz, Ronaldo entered into a partnership with Binance to endorse their non-fungible tokens. The legal action in question claims that the cryptocurrency company leveraged the player’s extensive global appeal to draw individuals to their trading platform, where they allegedly “invested in illegal securities.”
The association between Ronaldo and Binance commenced in 2022. Subsequently, fueled by the player’s substantial social media following, exceeding 850 million across platforms, Binance reportedly experienced a noteworthy 500% surge in online searches.
Also Read: Top 5 Goals from Cristiano Ronaldo
Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform.
The lawsuit contends that Ronaldo, given his access to investment knowledge and expert advice, should have been aware that Binance was allegedly selling unlicensed securities. Consequently, the plaintiffs seek compensation for their incurred losses. Binance’s founder, Changpeng Zhao, recently stepped down as the CEO of the company. Moreover, he potentially faces an 18-month jail term for purportedly violating money laundering regulations and operating without the necessary licenses.
CR7 NFT: All You Need To Know
Ronaldo’s association with Binance drew attention in November 2022 when the cryptocurrency exchange introduced its inaugural “CR7” collection of non-fungible tokens (NFTs). This collaboration sought to appreciate Ronaldo’s dedicated fan base by utilizing NFTs, digital assets symbolizing ownership of online content. Positioned as a groundbreaking venture in the NFT realm, this partnership was promoted as a means to reward Ronaldo’s fans for their steadfast support.
Ronaldo himself articulated aspirations to bring about a transformation in football through this collaboration. However, the recent legal dispute has sparked inquiries into the responsibilities linked to celebrity endorsements within the rapidly evolving cryptocurrency landscape.
Cristiano Ronaldo at Al Nassr
Cristiano Ronaldo is showcasing remarkable form for Saudi Pro League powerhouse Al-Nassr this season, defying his nearly 40 years of age with performances reminiscent of his prime. In a total of 19 matches across various competitions, he has impressively contributed 18 goals and provided nine assists.
This exceptional tally includes leading the league charts with 15 goals and seven assists in just 13 appearances. Al-Nassr is currently in second place, trailing the league leaders, Al-Hilal, by a mere four points after 13 games. Since joining the Saudi Pro League in December, Ronaldo, a five-time Ballon d’Or winner, has accumulated an impressive record of 32 goals and 11 assists in 38 competitive outings.
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