Due to promoting Binance and unregistered securities, Cristiano Ronaldo faces a class-action lawsuit

2023-11-29 13:44:19

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ChainCatcher news, according to Cointelegraph, professional football star Cristiano Ronaldo is facing a class-action lawsuit filed by plaintiffs who claim they suffered losses due to his promotion of the cryptocurrency exchange Binance. The plaintiffs allege that Ronaldo "coordinated with Binance to promote, assist, and/or actively participate in the issuance and sale of unregistered securities." They claim that users who registered for Ronaldo's NFTs were more likely to invest in unregistered securities through Binance, including Binance's BNB and its crypto yield program.

It is reported that Binance established a multi-year partnership with Ronaldo in mid-2022 to promote a series of NFTs, of which at least three series are related to Binance.

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