Cristiano Ronaldo Sued Because of Binance

Portuguese soccer player, Cristiano Ronaldo, was involved in the Binance case. Ronaldo was hit by a class action lawsuit for promoting Binance.

The class action plaintiffs are Michael Sizemore, Mikey Vongdara and Gordon Lewis, who are seeking damages and funds to cover legal costs.

Quoted from Cointelegraph, the lawsuit against Ronaldo has been filed in the Florida District Court. He was said to have “promoted, assisted, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.”

Meanwhile, Ronaldo entered into a partnership with Binance in mid-2022. Binance launches a series of Ronaldo-themed NFTs. The partnership is claimed to have succeeded in attracting hundreds of thousands of users to Binance.

The lawsuit says Ronaldo should have known about Binance selling unregistered crypto securities because he had extensive investment experience and resources to obtain outside counsel.

The lawsuit also cites United States Securities and Exchange Commission (SEC) guidelines, which warn celebrities to disclose payments received to promote crypto, which the complaint says Ronaldo did not do.

Binance and Changpeng Zhao case

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Meanwhile, Binance and its founder Changpeng “CZ” Zhao have pleaded guilty and agreed to pay a US$4.3 billion settlement to the United States on charges of money laundering and running an unregistered money transfer business.

Zhao has resigned as CEO of Binance and is now awaiting the initial trial which will take place early next year. He is prevented from leaving the United States and faces 18 months in prison.

Currently, Binance is led by Richard Teng, who previously served as the person responsible for Binance in all regions except the United States.