The Cristiano Ronaldo $1 Billion Class Action Lawsuit Gol
Global football icon Cristiano Ronaldo finds himself in legal hot water as a lawsuit unfolds in a Florida District Court, accusing him of promoting Binance, the cryptocurrency exchange. The plaintiffs allege losses due to Ronaldo's endorsement and claim that Binance neglected proper anti-money laundering measures.
The lawsuit contends that Ronaldo, knowingly or not, was associated with Binance's alleged sale of unregistered crypto securities. The SEC's warnings to celebrities about disclosing payments for crypto endorsements are also brought into play, with the accusation that Ronaldo failed to disclose payments from Binance.
At the core of the legal battle is Ronaldo's promotion of his exclusive NFT collections in collaboration with Binance in 2022. As the face of a global advertising campaign, Ronaldo's endorsements indirectly boosted Binance's native tokens and other cryptocurrencies offered on the platform, according to the plaintiffs.
The lawsuit argues that Ronaldo, acting as a paid spokesperson, solicited investments in securities without proper SEC disclosures. This legal challenge follows Binance's recent legal woes, including founder Changpeng Zhao stepping down amid criminal charges and a $4 billion penalty for money laundering violations.
Will Celebrities Avoid Crypto in The Next Bull Run?
The complaint raises questions about the responsibility of celebrities endorsing cryptocurrency projects. It draws parallels with past cases involving Kim Kardashian and other celebrities facing legal repercussions for promoting crypto initiatives. As the crypto landscape navigates regulatory uncertainties, the lawsuit against Ronaldo prompts reflections on the future of celebrity endorsements in the crypto space. Only time will unveil whether clarity and legislation will shape a clearer path for such engagements.
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