In a legal action filed Nov. 27 in a U.S. district court in Florida, soccer star Cristiano Ronaldo finds himself at the center of a class-action lawsuit. The plaintiffs allege that Ronaldo was actively involved in the offer and sale of unregistered securities in collaboration with Binance, a cryptocurrency exchange currently embroiled in legal trouble.

Ronaldo, who partnered with Binance in mid-2022 to promote non-fungible tokens (NFTs), is being accused of promoting investments in unregistered securities through his NFT, linking his followers to Binance for investment purposes. . The complaint claims that Ronaldo’s massive influence, with 850 million social media followers, contributed significantly to the success of Binance’s NFT sales, generating a 500 % increase in searches for the platform in the week following launch.

The lawsuit argues that Ronaldo, with his extensive investment experience and resources, must have known about Binance’s alleged sale of unregistered crypto securities. In addition, it points out that the footballer did not reveal the payments received for promoting cryptocurrencies, contravening the guidelines of the US Securities and Exchange Commission (SEC).

The plaintiffs, Michael Sizemore, Mikey Vongdara and Gordon Lewis, are seeking damages as well as funds to cover legal costs arising from the situation.

K. Tovar

Source: Cointelegraph

(Referential image source: X, @e7ernamente)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Cristiano Ronaldo would be in legal trouble for promotion of crypto exchange apareció primero en Bitfinance.

In a powerful legal action, dissatisfied consumers are filing a class-action lawsuit against Apple, alleging that the company orchestrated a scheme to restrict peer-to-peer payment options and block cryptographic technology on their iOS devices.

The lawsuit, filed Nov. 17 in a California district court, accuses Apple of anticompetitive agreements with PayPal’s Venmo and Block’s Cash App, thereby limiting the use of decentralized cryptographic technology in payment applications. This, according to the plaintiffs, resulted in “rapidly inflated” payments by users.

“These agreements limit feature competition, and the price competition that would result from it, at the market level, including by prohibiting the incorporation of decentralized cryptographic technology within existing or new iOS Peer-to-Peer payments applications,” he maintains. the demand.

Additionally, the plaintiffs argue that Apple uses “technological and contractual restrictions,” including App Store exclusivity and “contractual limitations on web browser technology,” to have “absolute control” over all apps on iPhones and iPads.

The lawsuit notes that Apple forces new P2P apps on iOS to prohibit the use of cryptocurrency “as a condition of entry.”

These consumers, who describe themselves as victims of inflated fees due to Apple’s business restrictions, are seeking to recover excessive fees and improper charges. They are also seeking a court order preventing Apple from continuing with anti-competitive agreements in the P2P payments market on iOS.

The extensive 58-page document chronicles the evolution of peer-to-peer payment applications, the rise of decentralized cryptocurrencies, and Apple’s foray into this competitive market. In April, the Ninth Circuit Court of Appeals already ruled that Apple violated California competition laws by restricting payment options not linked to the company.

K. Tovar

Source: Cointelegraph

(Referential image source: Laurenz Heymann, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Apple receives a lawsuit for prohibiting crypto payments apareció primero en Bitfinance.

The stock trading application, Robinhood, after being the most popular among millennials, has become the beto of the crypto market due to oligopolistic manipulation. 

After its recent temporary suspension of purchases of GameStop and other “meme actions”, the platform faces new legal processes due to the behavior of competitors in an oligopoly when setting prices and conditions without a prior formal agreement.

According to the lawsuit, Robinhood is being charged with violating client contracts, violating fiduciary responsibilities, and violating anti-competitive practices and pricing laws, which could threaten market share and reduce profits.

More accused for the crime

The lawsuit filed in Texas on January 29 alleges that both Robinhood and the others involved, TD Ameritrade and WeBull, reached “a common understanding of what to do, which they carried out with conscious parallelism.” that is, an inappropriate behavior under conditions without prior agreement.

“In summary, the unfolding situation was a threat to traditional players in the financial industry, many of whom were the Defendants’ most important clients, and could not be allowed to continue,” as specified in the demand.

K. Villarroel

Source: cointelegraph

La entrada Robinhood goes through new lawsuit by oligopolistic manipulation apareció primero en Bitfinance.