Skip to content

Cristiano Ronaldo Faces Class-Action Lawsuit for Allegedly Promoting Binance, Unregistered Securities

Soccer star Cristiano Ronaldo is targeted in a proposed class-action lawsuit, accused of promoting unregistered securities on Binance through NFTs. The suit alleges lack of disclosure and highlights Ronaldo's influence, linking his actions to Binance's legal troubles.

Proposed Class-Action Claims Ronaldo Promoted Unregistered Securities on Binance

Pro-soccer star Cristiano Ronaldo is facing a proposed class-action lawsuit alleging that he actively participated in promoting unregistered securities on Binance. The suit claims that Ronaldo's NFT promotions, tied to Binance, encouraged investments in unregistered securities, including Binance's BNB and crypto yield programs.

The lawsuit highlights Ronaldo's substantial influence, with 850 million social media followers, and his role in promoting Binance. The legal action comes amid Binance and its founder Changpeng "CZ" Zhao facing their own legal challenges, including a $4.3 billion settlement for Anti-Money Laundering violations and running an unregistered money-transmitting business.

Allegations of Lack of Disclosure and SEC Guidance

Plaintiffs claim Ronaldo failed to disclose payments for promoting cryptocurrencies, violating SEC guidance. The suit asserts that Ronaldo, with his investment experience, should have known about Binance's sale of unregistered crypto securities. The proposed class-action seeks damages and legal fees.

As Binance and CZ plead guilty and face legal consequences, the SEC has sued the exchange, alleging the sale of unregistered securities and investigating potential misappropriation of customer funds. Ronaldo's involvement adds to the legal challenges surrounding Binance.