Portuguese soccer star Cristiano Ronaldo has been sued in a class-action lawsuit for promoting Binance, a cryptocurrency platform that was accused of violating US financial laws.
Superstar soccer player Cristiano Ronaldo is currently embroiled in a class-action lawsuit alleging damages to investors as a result of his support for the Binance cryptocurrency exchange.
“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 — such as the defendant Ronaldo,” the lawsuit states.
The lawsuit claims that Ronaldo’s collaboration with Binance to promote its NFT collections led unsuspecting investors to make investments in unregistered securities. Ronaldo may have to settle the case for $750,000 to avoid a public trial.
Ronaldo continues to promote Binance on his official website and social networks. More recently, on X, Ronaldo posted a Binance video and wrote that he was “cooking something” with the platform on Tuesday.
Legal Experts Suggest Ronaldo Could Settle Billion Dollar Lawsuit
Ronaldo was reported to have signed a multi-year deal with Binance to support his NFT collections, which included unique digital artworks and experiences. The collaboration sparked great interest among fans and collectors.
However, the lawsuit, filed on November 27 in the District Court of Florida, accuses Ronaldo of actively participating in the sale of what regulators have considered “unregistered securities” facilitated by the Binance platform. According to the complaint, people who registered for Ronaldo NFTs were more likely to engage in other activities on Binance, including investing in what they believed to be unregistered securities, such as the BNB coin and its cryptocurrency yield schemes.
The lawsuit claims that Ronaldo’s influential status and wide reach lured unsuspecting investors to the exchange, where they were allegedly tricked into making illegal investments. Recent reports suggest that Ronaldo may have to settle the billion-dollar lawsuit for $750,000 to avoid a public trial in the United States.
Legal experts, including digital asset lawyer Jemma Fleetwood, draw parallels with similar cases involving public figures such as Shaquille O’Neal, Floyd Mayweather and DJ Khaled, who settled comparable lawsuits for around $750,000. Fleetwood suggests Ronaldo’s legal advisers could seek a similar deal to avoid the potential financial and reputational impact of a public trial.
Legal Risks Loom for Sports Stars’ Links to Binance
Ronaldo’s situation is not unique among soccer players navigating the world of cryptocurrency endorsements. Former Barcelona player Andrés Iniesta also faced controversy for his support of Binance. In 2021, the Spanish midfielder participated in a campaign promoting the cryptocurrency company on his social media accounts.
The increasing involvement of football players in promoting NFTs and participating in cryptocurrency exchange activities has raised concerns among regulators about potential legal risks and compliance within the industry. While Cristiano Ronaldo continues to excel on the soccer field, he faces a significant legal challenge off the field. The billion-dollar lawsuit against him for his endorsement of Binance highlights the potential risks associated with celebrity endorsements of cryptocurrencies.
Overall, while Cristiano seeks to avoid a public trial, Ronaldo can settle the case for $750,000, following the example of other prominent figures who have faced similar situations. The outcome of this case will have implications not only for Ronaldo but also for the industry at large as it navigates the intersection of sports, celebrity and the evolving world of digital assets.
By Audy Castaneda
