Cristiano Ronaldo faces $1billion lawsuit linked to Binance partnership
Cristiano Ronaldo has been named in a class-action lawsuit against Binance, a popular crypto platform.
The legendary football partnered with Binance on a sponsorship deal in 2022, releasing a range of NFTs.
The Financial Conduct Authority previously labeled Binance as posing ‘significant risk’ to consumers.
According to TalkSport, the lawsuit, filed in the United States District Court in Miami, alleges Ronaldo’s involvement in promoting unregistered securities through Binance.
It claims that Ronaldo’s endorsement encouraged investments in Binance’s alleged unregistered securities and crypto yield program.
The complaint further notes that his role as a ‘paid spokesman’ should have entailed disclosure of payments under SEC guidelines.
Ronaldo, one of the biggest celebrities in the world, has over 700 million social media followers and wields considerable influence.
His fame has gotten him entangled in several controversies over his career, this being the latest.
He is currently playing for Saudi side Al-Nassr, where he has scored 18 goals and assisted 9 in 19 games across all competitions.
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