"After all, will Cristiano Ronaldo be willing to be sued?"
Cristiano Ronaldo, the world's professional soccer star has been hit with a class action lawsuit from plaintiffs who allegedly suffered losses due to his promotion of the giant cryptocurrency exchange Binance.
The filing on November 27, 2023 to the United States (US) district court in Florida alleges that Ronaldo has promoted, assisted and actively participated in the offer or sale of unregistered securities with the coordination of Binance.
Earlier in mid-2022, Binance signed a multi-year deal with Ronaldo to promote his own series of non-fungible tokens (NFTs) in which there are three units of the football star's collection tied to Binance.
So here it can be seen that the complaint has claimed that users who registered for Ronaldo's NFT are more likely to use Binance for other purposes, for example investing in unregistered securities such as Binance Coin (BNB).
Ronaldo's promotion has helped Binance secure investments in unregistered securities while encouraging his millions of followers, fans and supporters to invest with the Binance platform.
Not only that, the popularity of Binance is also increasing due to Ronaldo who has 850 million followers across social media resulting in his NFT sales gaining extraordinary success.
The suit also alleges that Ronaldo should have known about Binance selling unregistered crypto securities as he has extensive investment experience and resources for outside counsel.
