Portugal and Al-Nassr superstar Cristiano Ronaldo has been sued for promoting controversial cryptocurrency exchange Binance.
The 38-year-old Portuguese star has been the subject of a proposed class-action lawsuit from plaintiffs Michael Sizemore, Mikey Vongdara and Gordon Lewis, who all claim to have suffered serious losses following his promotion of the crypto exchange. Binance coins, as reported by Coin Telegraph.
In 2022, Binance announced a multi-year deal with Ronaldo, with the aim of promoting a series of its own non-fungible tokens (NFTs). In the complaint, it is claimed that users who signed up thanks to Ronaldo’s promotion of the platform were more likely to use Binance for other reasons, such as investing in so-called “unregistered securities.”
On November 27, a complaint was filed in a United States District Court in Florida regarding Cristiano Ronaldo’s involvement in Binance: “Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging its millions of followers, fans and supporters to invest on the Binance platform.
The suit also alleges that Ronaldo already knew or should have known “that Binance was selling unregistered crypto securities” because of his ” investment experience and its extensive resources to obtain external advisors”.
Ronaldo will have to turn his attention away from the ongoing issues surrounding Binance as he prepares to face Al-Hilal, who recently lost Brazilian star Neymar to a season-ending injury, on Friday night.
Ronaldo’s Al-Nassr side currently sit second in the Saudi Pro League, behind their next opponent, and are looking to close the four-point gap with a win in the coming days.
