Football sensation Cristiano Ronaldo is embroiled in a class-action lawsuit alleging that his endorsement of the cryptocurrency exchange Binance has caused financial harm to investors. Both Binance and Cristiano Ronaldo were attacked for alleged unregistered securities promotion.

The lawsuit, which was submitted to a Florida District Court on November 27, claims that Ronaldo assisted the cryptocurrency exchange in promoting and selling assets that weren’t registered.

According to the lawsuit, investors were lured to the cryptocurrency exchange by Ronaldo’s enormous impact and worldwide popularity, where they were allegedly tricked into investing in unregistered securities. The main subject of the lawsuit is Ronaldo’s multi-year agreement with the cryptocurrency exchange to market his collections of non-fungible tokens (NFTs), which include unique digital artworks and experiences that attracted collectors’ and fans’ quick interest.

The lawsuit claims that those who participated in Ronaldo’s NFTs were more likely to utilize the cryptocurrency exchange for various activities, including investing in what the lawsuit refers to as unregistered securities, including the BNB coin and the cryptocurrency yield schemes that go along with it.

Cristiano Ronaldo Faces Lawsuit Over Undisclosed Binance Transactions and Crypto Promo Earnings

Binance and Cristiano Ronaldo Were Attacked for Alleged Unregistered Securities Promotion

Ronaldo’s connection to the cryptocurrency industry was further cemented by the cryptocurrency exchange, which released a promotional film featuring the football player wearing a T-shirt with his name, the number 7, and the Binance logo on the sleeve. The idea that Ronaldo would join the cryptocurrency exchange as a brand ambassador has gained traction due to this visual confirmation of his association with the cryptocurrency exchange.

Following the conviction of FTX founder Sam Bankman-Fried and the guilty plea of Binance founder Changpeng “CZ” Zhao, the judicial processes have progressed quickly. Superstar football player Cristiano Ronaldo is facing a class-action lawsuit, one week after CZ admitted to multiple federal statute violations, including the Bank Secrecy Act, and just over a month after Bankman-Fried was found guilty on seven counts of fraud-related charges in a Manhattan federal court.

The lawsuit claims that Ronaldo withheld information about his transactions with the cryptocurrency exchange and his earnings from Bitcoin promotion.

According to the lawsuit, Ronaldo should have been aware of the cryptocurrency exchange’s offering of unregistered crypto assets, given his significant financial resources and expertise in investing. It also charges him with concealing the money he got in exchange for supporting cryptocurrencies.

According to the filed document, “Evidence now reveals that Binance’s 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 – just like Defendant Ronaldo.”

Legal Scrutiny of Mercedes Racing Team, Formula 1, and MLB

Binance and Cristiano Ronaldo Were Attacked for Alleged Unregistered Securities Promotion

At the same time, a lawsuit involving FTX has been filed against Major League Baseball (MLB), Formula 1, and the Mercedes racing team affiliated with the racing league in an attempt to claim $11 billion in damages. These sports organizations are the latest targets of class-action lawsuits that seek to hold athletes, celebrities, and authorities responsible for endorsing FTX before its collapse.

Notable personalities such as Shohei Ohtani, Shaquille O’Neal, Trevor Lawrence, Stephen Curry, and Tom Brady, among others, are among those facing legal claims for their role in promoting FTX.

In conclusion, the largest crypto exchange, Binance, and its investors have faced a lot of heat in the past 3 months. The stability of this exchange will depend significantly on how these lawsuits and shifts in power are handled.