Football Icon Cristiano Ronaldo’s Past Promotion and Endorsement of Binance Lands Him in Trouble

Portuguese soccer icon Cristiano Ronaldo is going through a lawsuit which accuses him of collaborating “in the offer and sale of unregistered securities in coordination with Binance.” One of Ronaldo’s newest social media posts suggests that he’s nonetheless collaborating with the cryptocurrency change.

Ronaldo’s Coordination With Binance

The superstar Portuguese footballer and one of many sport’s prime earners, Cristiano Ronaldo, is being sued for his position in selling and collaborating “in the offer and sale of unregistered securities in coordination with Binance.” The plaintiffs within the case are in search of damages in extra of $1 billion.

According to the plaintiffs, Ronaldo’s endorsement of Binance’s non-fungible token (NFT) assortment satisfied them to commit funds to what are actually loss-generating investments. As reported by Bitcoin.com News in June 2022, the athlete’s partnership with Binance noticed him not solely market the NFTs but in addition encourage his followers to hitch his Web3 neighborhood.

Ronaldo’s Massive Social Media Following

With an estimated 840 million plus followers throughout social media platforms, Ronaldo’s posts on his partnership with Binance have been seemingly geared toward driving site visitors to the crypto change.

“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 plaintiffs argued.

Cooking one thing up with @binance https://t.co/FMAP5GAdxE

— Cristiano Ronaldo (@Cristiano) November 28, 2023

To again their claims, the plaintiffs stated after he shared a video on X (previously Twitter) through which he promised to “take football to the next level,” web searches for Binance went up by 500%. Some of Ronaldo’s followers solely turned traders within the so-called securities after watching the footballer’s social media posts, the plaintiffs added.

However, regardless of going through the billion-dollar go well with, Ronaldo, who now plies his commerce in Saudi Arabia, is seemingly nonetheless collaborating with Binance as evidenced by a Nov. 28 publish on X.

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