Portuguese soccer icon Cristiano Ronaldo is at the center of a lawsuit over his promotion of Binance, the world’s largest cryptocurrency exchange. The plaintiffs are seeking more than $1 billion (£790m) in damages, alleging Ronaldo’s involvement in the offering and sale of unregistered securities in association with Binance.
The complaint claims that Ronaldo played a role in his partnership with Binance in 2022 to promote non-fungible tokens (NFTs) that contributed to consumer engagement with unregistered securities on the exchange. What did Users participating in Ronaldo’s NFTs are claimed to be more inclined to use Binance for other purposes, including investing in unregistered securities.
The lawsuit claims that given Ronaldo’s investment experience and resources, he should have been aware of Binance’s sale of unregistered crypto securities. The legal action comes in the wake of Binance’s former CEO Changpeng Zhao’s guilty plea for failing to maintain an effective anti-money laundering program.
Binance, accused of violating anti-money laundering and sanctions laws, agreed to pay more than $4.3 billion as part of a plea deal, while Zhao faces up to 18 months in prison. A federal judge ruled that Zhao cannot leave the United States until his sentencing in February.
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