This lawsuit has it all! A class action lawsuit is said to have been filed against Cristiano Ronaldo in the USA. Report that BBC and Forbeswho rely on the statement of claim.
Due to his collaboration with the crypto exchange Binance, the plaintiffs are seeking $1 billion in damages against the 38-year-old, the report says.
Accordingly, the plaintiffs claim that the Portuguese “participated and supported” the sale of unregistered securities with Binance. However, given Ronaldo’s investment experience and his ability to hire external advisors, the five-time world footballer should have been aware “that Binance was selling unregistered crypto securities and/or that he was supporting the fraud,” the lawsuit continues.
In particular, Ronaldo’s social media promotion of Binance, its NFT collection and other promotional activities were cited as evidence of this. It was only in November 2022 that Ronaldo announced his first CR7 collection of NFTs (Non-Fungible Tokens) in collaboration with Binance. These are virtual assets that can be traded but only exist digitally.
The US Securities and Exchanges Commission (SEC) had previously made it clear that these assets were considered securities and would therefore be treated accordingly legally.
Accordingly, celebrities must “disclose to the public who they are paid by and the amount they are paid to promote investments in securities.”
Just a week ago, the US Department of Justice agreed on a fine of $4.3 billion with Binance for money laundering, unlicensed money transfers and other sanctions violations.
2023-12-01 13:20:19
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