<\/p>\n
Soccer star Cristiano Ronaldo has been hit with a $1 billion class action lawsuit for promoting the world\u2019s largest cryptocurrency exchange, Binance.<\/p>\n
According to a document<\/a> filed at the United States District Court for the Southern District of Florida Miami Division, the plaintiffs accuse Ronaldo of promoting, assisting, and participating in the offer and sale of unregistered securities in collaboration with Binance.<\/p>\n Ronaldo entered<\/a> a multi-year partnership with Binance in June 2022 to introduce Web3 and non-fungible tokens (NFTs) to his multi-million fanbase. Since then, the duo has launched three NFT collections, unveiling the latest,\u00a0 The CR7 ForeverZone<\/a>, in October.<\/p>\n The plaintiffs, Michael Sizemore, Mikey Vongdara, and Gordon Lewis, claimed users who were lured to Binance with Ronaldo\u2019s NFTs likely used the crypto exchange for other activities like investing in the unregistered securities, including Binance Coin (BNB) and yield programs offered on the platform.<\/p>\n According to the plaintiffs, influencers like Ronaldo played a huge role in Binance\u2019s rise by hyping the securities in exchange for multimillion-dollar payouts. Through his solicitation of investments on behalf of Binance, the exchange recorded an increase in influence. They alleged that the soccer star\u2019s NFT sales were successful and, afterward, resulted in a 500% rise in searches for Binance.<\/p>\n \u201cEvidence now reveals that Binance\u2019s fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful, and recognized organizations and celebrities across the globe\u2014just like Defendant Ronaldo,\u201d the plaintiffs stated.<\/p>\n<\/blockquote>\n Furthermore, Sizemore and his co-plaintiffs cited recent legal cases initiated by regulators against Binance to substantiate their claims that the crypto exchange violated U.S. trading laws by offering unregistered securities. They mentioned the March lawsuit brought<\/a> by the Commodity Futures Trading Commission and the June case filed<\/a> by the Securities and Exchange Commission (SEC).<\/p>\n The complaint also mentioned the SEC\u2019s warning to celebrities about the need to disclose how much they are paid to promote investment in securities, arguing that Ronaldo failed to heed the guidance.<\/p>\n The plaintiffs seek compensatory damages, restitution, and disgorgement of revenues, legal fees, and statutory damages.<\/p>\n The lawsuit comes shortly after Binance and its founder, Changpeng Zhao, pleaded<\/a> guilty to charges of anti-money laundering law violations brought by the U.S. Department of Justice with a $4.3 billion settlement.<\/p>\n <\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Soccer star Cristiano Ronaldo has been hit with a $1 billion class action lawsuit for promoting the world\u2019s largest cryptocurrency exchange, Binance. According to a document filed at the United States District Court for the Southern District of Florida Miami Division, the plaintiffs accuse Ronaldo of promoting, assisting, and participating in the offer and sale […]<\/p>\n","protected":false},"author":2,"featured_media":202970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-202969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202969","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=202969"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202969\/revisions"}],"predecessor-version":[{"id":202972,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202969\/revisions\/202972"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/202970"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=202969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=202969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=202969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Ronaldo Sued For Promoting Binance<\/h2>\n
\n
Binance\u2019s Legal Woes<\/h2>\n
\nBinance Free $100 (Exclusive): Use this link<\/a> to register and receive $100 free and 10% off fees on Binance Futures first month<\/b> (terms<\/a>).<\/div>\n<\/div>\n