Cristiano Ronaldo Faces Class-Action Lawsuit Over Binance NFT Promotion – Coinpedia Fintech News
Global football player Cristiano Ronaldo is facing a class-action lawsuit alleging that his endorsement of the cryptocurrency exchange Binance led to investor losses. The lawsuit, filed in a Florida District Court on November 27th, accuses Ronaldo of actively promoting and participating in the sale of unregistered securities on the Binance platform.
Binance, a leading cryptocurrency exchange, inked a multi-year partnership with Ronaldo to promote his non-fungible token (NFT) collections. The lawsuit alleges that this partnership, coupled with Ronaldo’s immense influence and reach, drew unsuspecting investors to Binance, where they were enticed into investing in unregistered securities.
Ronaldo’s Binance Partnership and NFT Sales
Binance partnered with Ronaldo to promote a series of his non-fungible tokens (NFTs). These NFTs, which are digital collectibles representing ownership of unique items, were linked to Binance’s platform. The partnership aimed to leverage Ronaldo’s immense popularity and reach to attract new users to Binance.
Allegations of Unregistered Securities and Ronaldo’s Involvement
The lawsuit contends that Ronaldo’s exceptional influence, with his massive following of 850 million across social media platforms, was instrumental in propelling Binance to greater heights. The complaint alleges that his NFT sales were a resounding success in promoting the exchange, resulting in a mind blowing 500% increase in searches for “Binance” during the week following the initial sale.
The accuser further asserts that Ronaldo, with his extensive investment background and access to top-tier advisors, should have been aware, or at least should have known, of Binance’s involvement in selling unregistered crypto securities.
“Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform.”
The aggrieved investors, Michael Sizemore, Mikey Vongdara, and Gordon Lewis, are now seeking financial compensation and funds to cover their legal expenses.
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