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Gets Hit With $1 Bln. Lawsuit – Crypto News

Published

3 years ago

November 29, 2023

Dripp

Cristiano Ronaldo, a Portuguese-origin football star, recently curated a sense of frenzy within the world of cryptocurrencies following his endorsement of Binance, a globally leading digital asset exchange.

Many crypto investors and traders within the broader crypto markets blamed Ronaldo’s promotion of Binance for their losses, alleging that the football star’s multi-year partnership with Binance to promote his NFT collections, along with his recent promotions, prompted an increase in investors’ losses orbiting around the sale of unregistered securities. Subsequently, Ronaldo was hit with a class-action lawsuit for $1 billion.

Furthermore, according to recent reports, the lawsuit was filed in a Florida District Court on Monday, November 27, accusing the football star of diligently partaking in activities revolving around the sale of unregistered securities.

Binance came into a partnership with Ronaldo somewhere around mid-2022, encouraging the sale and promotion of his own NFTs, with at least three of the collections facilitated on Binance.

A Detailed Report Into Ronaldo’s Lawsuit

The lawsuit primarily hints towards Ronaldo’s uncommon influence, appearing crucial in propelling Binance toward greater heights.

Meanwhile, interestingly, the complaint alleges that the NFT sales for the football star’s collection portrayed an astonishing success in prompting the exchange, illustrating a groundbreaking 500% increase in the overall searches for Binance following the week after the initial sale.

Besides, the accuser further proclaims that Ronaldo’s significant investment experience and access to top-notch investment advisors, he ought to have been aware, or at the very least, should have had knowledge of Binance’s participation in the sale of unregistered cryptocurrency securities.

Meanwhile, plaintiffs who witnessed a loss following Ronaldo’s promotion of Binance, including Michael Sizemore, Mikey Vongdara, and Gordon Lewis, now seek financial compensation to recover their legal expenses.

Also read: Judge Drops Out Of Elon Musk & X’s Free Speech Lawsuit Against Media Matters

What’s Next For Binance?

The world’s leading cryptocurrency exchange appears to be in a tough spot following a series of lawsuits witnessed by the firm.

Prior to the aforementioned lawsuit, the platform was recently accused of neglecting proper anti-money laundering measures, resulting in the stepdown of Changpenf Zhao as the CEO of the organization. Moreover, the firm agreed to pay a $4.3 billion payment settlement as well. Following Binance’s money laundering chronicle, the firm noted significant outflows.

Now, with another lawsuit upon its head, the firm seems to amassing negative sentiments within the cryptocurrency markets.

Also read: Binance Removes Additional SOL, MATIC, SHIB & 30 Other Key Liquidity Pools