## Cristiano Ronaldo Class-Action Lawsuit Over Binance Crypto Promotion
Cristiano Ronaldo, one of the most famous soccer players in the world, is facing a class-action lawsuit. The lawsuit alleges that investor damages resulted from his support of cryptocurrency exchange Binance. Ronaldo had signed a multi-year deal with Binance to promote his non-fungible token (NFT) collections.
### Accusations Against Ronaldo and Binance
According to the lawsuit filed on November 27 to a Florida District Court, Ronaldo is accused of coordinating with Binance in promoting, assisting, and/or actively participating in the offer and sale of unregistered securities. The lawsuit claims that this collaboration and the enormous influence and reach of Ronaldo lured unwary investors to Binance, where they were tricked into making unregistered securities investments.
The complaint states that people who registered for the Cristiano Ronaldo NFTs were more likely to use Binance for other reasons, such as investing in what they said were unregistered securities, such as the BNB coin and its cryptocurrency yield schemes. Additionally, Ronaldo failed to disclose funds he received for promoting cryptocurrency.
### Legal Actions Against Binance
The legal actions against Ronaldo come at a time when the cryptocurrency industry is under increased scrutiny. FTX founder Sam Bankman-Fried has been convicted on seven fraud-related counts in Manhattan federal court while Binance founder Changpeng “CZ” Zhao has pleaded guilty to multiple federal statute violations, including the Bank Secrecy Act.
### Targeting Other Celebrities and Athletes
The lawsuit also aims to recover $11 billion in damages from MLB, Formula 1, and its Mercedes racing team, who were also targeted for promoting FTX. FTX officials, celebrities, and athletes who endorsed the exchange prior to its collapse are the targets of class-action lawsuits by investors who lost money on the fraudulent cryptocurrency exchange.
### Conclusion
The class-action lawsuit against Ronaldo and Binance is part of a series of concerted legal actions that have requested damages for pushing FTX from a number of celebrities, including Shohei Ohtani, Shaquille O’Neal, Trevor Lawrence, Stephen Curry, and Tom Brady, among others. It remains to be seen how these legal proceedings will progress.
The superstar athlete is embroiled in controversy due to his association with Binance, and the outcome of the lawsuit will have significant implications for the worlds of sports and cryptocurrency.
