NEW YORK (AP) — Cristiano Ronaldo faces a class-action lawsuit seeking at least $1 billion in damages for participating in the troubled Binance platform’s cryptocurrency promotion.
The lawsuit filed Monday in a South Florida court alleges that the Portuguese attacker’s promotion of Binance was “deceptive and unlawful.” Binance’s agreements with celebrities such as the soccer star, according to the plaintiffs, led them to make expensive and risky investments.
“The evidence now reveals that the Binance fraud could only reach such magnitude through the offer and sale of unregistered products, with the willing help and assistance of some of the richest, most powerful and recognized organizations and personalities on the entire planet — like the defendant Ronaldo,” the lawsuit states.
Cristiano Ronaldo’s representatives declined to comment when contacted on Thursday. Binance, the world’s largest cryptocurrency exchange, also did not immediately respond to requests for comment from The Associated Press.
Ronaldo launched the first edition of the “CR7” NFT collection with Binance in November last year, shortly before the 2022 World Cup. The NFTs — with a starting price that ranged from the equivalent of $77 to $10,000 — showed seven animated images that showed iconic moments of the footballer, from a bicycle kick goal to his childhood in Portugal.
The lawsuit filed Monday states that Ronaldo’s promotional activities for Binance were “incredibly successful.” The plaintiffs claim that there was a 500% increase in online searches for the word “Binance” following the announcement of the player’s NFTs. The top-value collection sold out in the first week, according to demand.
It is also alleged that Ronaldo should have disclosed how much Binance paid him for the partnership. The US Securities and Exchange Commission had previously warned that federal law stipulates that celebrities must disclose what they earn to promote securities, including digital assets.
In mid-June, Binance was accused of operating as an unregistered exchange and violating a series of securities laws in the United States following a lawsuit filed by regulators. Last week, the company agreed to pay more than $4 billion and its founder, Changpeng Zhao, pleaded guilty to a felony charge that he failed to take steps to prevent money laundering on the platform.
Ronaldo continues to promote Binance on his official website and social networks. More recently, on X (the former Twitter), Ronaldo posted a Binance video and wrote that he was “cooking something” with the platform on Tuesday.
2023-12-02 10:36:41
#Free #Press
