{"id":202910,"date":"2023-11-29T17:21:34","date_gmt":"2023-11-29T11:51:34","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=202910"},"modified":"2023-11-29T17:21:34","modified_gmt":"2023-11-29T11:51:34","slug":"gets-hit-with-1-bln-lawsuit-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/gets-hit-with-1-bln-lawsuit-crypto-news\/","title":{"rendered":"Gets Hit With $1 Bln. Lawsuit – Crypto News"},"content":{"rendered":"

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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<\/a>.<\/p>\n

Many crypto investors and traders within the broader crypto markets blamed Ronaldo\u2019s promotion of Binance for their losses, alleging that the football star\u2019s multi-year partnership with Binance to promote his NFT collections, along with his recent promotions, prompted an increase in investors\u2019 losses orbiting around the sale of unregistered securities. Subsequently, Ronaldo was hit with a class-action lawsuit for $1 billion.<\/p>\n

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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.<\/p>\n

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

A Detailed Report Into Ronaldo\u2019s Lawsuit<\/h2>\n

The lawsuit primarily hints towards Ronaldo\u2019s uncommon influence, appearing crucial in propelling Binance toward greater heights.<\/p>\n

<\/p>\n

Meanwhile, interestingly, the complaint alleges that the NFT sales for the football star\u2019s 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.<\/p>\n

Besides, the accuser further proclaims that Ronaldo\u2019s 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\u2019s participation in the sale of unregistered cryptocurrency\u00a0securities.<\/p>\n

<\/p>\n

Meanwhile, plaintiffs who witnessed a loss following Ronaldo\u2019s promotion of Binance, including Michael Sizemore, Mikey Vongdara, and Gordon Lewis, now seek financial compensation to recover their legal expenses.<\/p>\n

Also read: Judge Drops Out Of Elon Musk & X\u2019s Free Speech Lawsuit Against Media Matters<\/a><\/strong><\/p>\n

What\u2019s Next For Binance?<\/h2>\n

The world\u2019s leading cryptocurrency exchange appears to be in a tough spot following a series of lawsuits witnessed by the firm.<\/p>\n

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\u2019s money laundering chronicle, the firm noted significant outflows.<\/p>\n

Now, with another lawsuit upon its head, the firm seems to amassing negative sentiments within the cryptocurrency markets.<\/p>\n

Also read: Binance Removes Additional SOL, MATIC, SHIB & 30 Other Key Liquidity Pools<\/a><\/strong><\/p>\n

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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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\u2019s promotion of Binance for their losses, alleging that the football star\u2019s multi-year partnership with Binance […]<\/p>\n","protected":false},"author":2,"featured_media":202911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-202910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=202910"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202910\/revisions"}],"predecessor-version":[{"id":202916,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202910\/revisions\/202916"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/202911"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=202910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=202910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=202910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}