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Cristiano Ronaldo Faces Monumental $1 Billion Lawsuit Over Binance NFT Promotions In a legal saga that combines the worlds of sports, cryptocurrency, and alleged financial misconduct, Portuguese soccer sensation Cristiano Ronaldo finds himself at the center of a class-action lawsuit seeking a staggering $1 billion in damages. The lawsuit, filed in the Southern District of Florida, points fingers at Ronaldo for his involvement in promoting non-fungible tokens (NFTs) linked to the embattled cryptocurrency exchange, Binance. Deceptive Promotion Allegations The class-action suit alleges that Ronaldo’s promotional activities for Binance were not only deceptive but also unlawful. The plaintiffs contend that high-profile partnerships with celebrities like Ronaldo lured unsuspecting investors into risky and costly crypto investments, arguing that Binance’s fraud reached unprecedented heights through the offer and sale of unregistered securities. Ronaldo’s partnership with Binance gained significant attention when he launched his inaugural NFT collection, “CR7,” in November of the previous year, just ahead of the 2022 World Cup. The collection featured animated statues capturing iconic moments from Ronaldo’s life, and the starting prices ranged from $77 to $10,000. The lawsuit claims that the collaboration was “incredibly successful,” citing a 500% surge in online searches for “Binance” following the announcement of Ronaldo’s NFTs. Legal Allegations and SEC Compliance The crux of the legal battle lies in the accusation that Ronaldo failed to disclose the financial aspects of his partnership with Binance. The lawsuit emphasizes that federal law, as noted by the U.S. Securities and Exchange Commission (SEC), mandates celebrities to publicly disclose compensation received for promoting securities, including cryptocurrency assets. The claimants argue that Ronaldo’s lack of disclosure raises questions about transparency and compliance. The lawsuit against Ronaldo unfolds against the backdrop of Binance’s tumultuous journey in the cryptocurrency landscape. The world’s largest crypto exchange faced accusations of operating as an unregistered…

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Filed under: News - @ December 2, 2023 3:26 pm