Renowned football sensation Cristiano Ronaldo is currently entangled in a legal dispute following a lawsuit filed in a Florida District Court on November 27, 2023, centered around his promotion of Binance. Complainants Michael Sizemore, Mikey Vongdara, and Gordon Lewis allege financial losses directly attributed to Ronaldo's endorsement of the platform. Binance, in a separate development, faces accusations of insufficient anti-money laundering measures and has been directed to settle with US authorities, facing a substantial $4.3 billion in claims.
The legal filing contends that Ronaldo actively participated in the promotion and sale of unregistered securities in collaboration with Binance. Ronaldo's engagement with the exchange began in mid-2022 through a multi-year partnership. This partnership involved the footballer endorsing a series of his Non-Fungible Tokens (NFTs). Notably, users participating in the NFT collection were purportedly inclined to use the exchange for acquiring unregistered securities, encompassing the BNB token and the platform's yield programs.
The lawsuit claims that Ronaldo's promotions effectively encouraged Binance to solicit investments in these unregistered securities by leveraging his vast following, fans, and supporters.
Furthermore, the legal action suggests that Ronaldo was aware or should have been aware of Binance's alleged sale of unregistered crypto securities. It underscores the footballer's investment experience and substantial resources, positing that he could have sought external advice.
The lawsuit also references the Securities and Exchange Commission's (SEC) advisory to celebrities, emphasizing the need to disclose payments received for promoting cryptocurrencies. The plaintiffs contend that Ronaldo failed to disclose payments received from Binance.
This legal development is the latest twist in the ongoing Binance saga, as its CEO, Changpeng Zhao (CZ), recently pleaded guilty to money-laundering charges and agreed to step down from his role as the company's head.
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