Celebrity Portuguese Footballer Faces Lawsuit for Binance Endorsement
Cristiano Ronaldo, the celebrity Portuguese footballer, is facing a lawsuit accusing him of participating “in the offer and sale of unregistered securities in coordination with Binance.” Ronaldo’s latest social media posts have established his association with the cryptocurrency exchange.
Ronaldo’s Binance Association Lands Him in Trouble
The Portuguese star footballer and one of the leading high-earning sportsmen in the world, Cristiano Ronaldo, is facing charges for his role in promoting and participating “in the offer and sale of unregistered securities in coordination with Binance.” The plaintiffs in the case are seeking damages of more than USD 1 billion.
Binance’s non-fungible token (NFT) collection endorsement by Ronaldo motivated them to invest funds in what are now loss-generating investments, the plaintiffs alleged. Ronaldo’s association with Binance has been reported in the media since June 2022. He not only promoted the marketing of the NFTs but also encouraged his followers to join his Web3 community.
Massive Social Media Following Across Various Platforms
Ronaldo has a massive social media following across various platforms, with an estimated 840 million followers. The partnership with Binance and the posts were largely intended to drive traffic to the crypto exchange.
“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,” the plaintiffs argued.
The plaintiffs have further substantiated their claims, stating that internet searches for Binance shot up by 500% after Ronaldo shared a video on X (then Twitter) in which he promised to “take football to the next level.” Some of Ronaldo’s followers turned into investors in the so-called securities after watching the social media posts of the star footballer, the plaintiffs claim.
However, Ronaldo appears unfazed by the billion-dollar lawsuit and continues playing club football in Saudi Arabia. His Binance association was noticed recently in a post on X, dated November 28.
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