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)

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