Al-Nassr star Cristiano Ronaldo is facing a proposed class-action lawsuit for promoting cryptocurrency exchange Binance.
According to Coin Telegraph, Cristiano Ronaldo is facing a lawsuit filed in a Florida District Court on Nov. 27, 2023, for promoting Binance. Ronaldo signed a multi-year NFT deal with Binance in 2022.
This class-action lawsuit has been filed by plaintiffs Michael Sizemore, Mikey Vongdara, and Gordon Lewis. All of them claim they suffered severe losses from Ronaldo’s promotion of crypto exchange Binance.
The lawsuit contends that Ronaldo actively promoted and participated in the sale of unregistered securities on the Binance platform. The suit also alleges Ronaldo was previously aware or should have known “about Binance selling unregistered crypto securities” because of his “investment experience and vast resources to obtain outside advisers”.
A filing to a United States district court in Florida on November 27 regarding Ronaldo’s involvement with Binance claimed: “Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform.”
Binance founder Changpeng “CZ” Zhao recently resigned and pleaded guilty and the company is paying a $4.3 billion settlement to the U.S. government for violations of Anti-Money Laundering laws and running an unregistered money-transmitting business.
Ronaldo’s Al-Nassr will face Al-Hilal in a top-of-the-league clash on Friday evening. Al-Nassr currently sits in second place in the Saudi Pro League.