Footballer Ronaldo faces $1bn+ class action lawsuit for promoting Binance to unwary customers, and he's still doing it
One of the world's footballing greats, Cristiano Ronaldo, has been named in a class action lawsuit in the US for his promotion of the crypto exchange Binance. Binance was in the news most recently after the CEO stepped down and both he and the company pleaded guilty to money laundering charges in the US and accepted a whopping $4.3 billion fine.
The lawsuit is being brought on behalf of plaintiffs who claim Ronaldo's endorsement of the company led them to invest in crypto and lose money, as reported by the BBC. Fairly straightforward, though the money being sought—«a sum exceeding $1bn»—may give even a global superstar some pause.
Ronaldo and Binance first promoted «CR7» NFTs in December 2022: this is the footballer's initials and shirt number, and is used as a brand on all manner of Ronaldo-endorsed products. At the time Ronaldo said the CR7 line of NFTs offered people «an iconic piece of sports history» and was going to «change the NFT game», though in reality they did what the vast majority of NFTs do, and shortly after the initial sale tanked in value.
Proud to be partnering with @binance Together we’ll give you the opportunity to own an iconic piece of sports history.I’m excited to take this journey with all of you. Let’s change the NFT game with #Binance. pic.twitter.com/SNSCMHggctJune 23, 2022
The Florida suit says that Ronaldo's profile and endorsement led the claimants into making bad investments:
«Evidence now reveals that Binance’s fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognised organisations and celebrities across the globe—just like defendant Ronaldo.»
Curiously enough I
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