Cristiano Ronaldo is currently confronted with a $1 billion class-action lawsuit, where plaintiffs contend he was aware or should have been aware of Binance’s sale of unregistered crypto securities.
The lawsuit claims Ronaldo actively endorsed these securities under a multiyear agreement with Binance for his NFT promotion. Allegedly, Ronaldo’s influence significantly boosted Binance’s popularity, resulting in successful NFT sales and increased searches for the platform.
The complaint asserts Ronaldo failed to disclose compensation from promoting cryptocurrencies, as per SEC instructions for celebrities.
The class-action suit aims for monetary damages and legal expenses coverage, adding to Binance’s existing legal challenges related to anti-money laundering and unlicensed money-transmitting, alongside its founder, Changpeng “CZ” Zhao.
