Cristiano Ronaldo Facing Lawsuit in the United States Over Binance Partnership

 

Cristiano Ronaldo, the renowned football star, finds himself entangled in a legal battle in the United States due to his association with Binance, a cryptocurrency trading platform. This lawsuit, initiated by three platform users on November 27th in a Florida court, accuses Ronaldo of covertly endorsing the sale of illegal financial instruments through his partnership with Binance for a series of NFTs bearing his likeness.

Allegations and Legal Ramifications

The crux of the accusation revolves around the belief that Ronaldo's collaboration for this NFT collection inadvertently promoted other offerings on Binance, particularly those related to the platform's native token, BNB, and various unregistered financial products categorized as securities by the U.S. Securities and Exchange Commission (SEC). Consequently, Ronaldo stands accused of complicity by association.

The complaint further contends that Ronaldo failed to disclose any compensation tied to this partnership, a crucial obligation mandated by the SEC. The potential financial implications of this case are substantial, with the plaintiffs seeking damages exceeding a staggering $1 billion. Notably, this lawsuit draws parallels to similar cases involving celebrities like basketball players Stephen Curry, Shaquille O’Neal, American footballer Tom Brady, model Gisele Bündchen, and actor Larry David, all associated with the now-defunct FTX exchange.

Implications for Ronaldo and Binance

Additionally, while Cristiano Ronaldo faces this legal challenge, other high-profile figures, such as the artist The Weeknd, have partnered with Binance, as previously reported. However, as of now, The Weeknd has not faced any legal actions concerning this collaboration.

This lawsuit against Ronaldo sheds light not only on his individual predicament but also on the broader implications for Binance, a platform that has established partnerships with multiple celebrities, thereby potentially exposing them to legal scrutiny.

Conclusion

The legal action against Cristiano Ronaldo underscores the increasing legal scrutiny surrounding celebrity endorsements in the realm of cryptocurrency trading platforms. As the case progresses, it not only holds ramifications for Ronaldo's financial liabilities but also sets a precedent for the accountability of high-profile individuals in endorsing financial products, ensuring compliance with regulatory standards set by authorities like the SEC.

Frequently Asked Questions

1- What is Cristiano Ronaldo accused of in the United States?

Ronaldo faces allegations of promoting the sale of unregistered financial securities through his partnership with Binance for a series of NFTs, without proper disclosure or compliance with SEC regulations.

2- How much in damages are the plaintiffs seeking from Cristiano Ronaldo?

The plaintiffs in the lawsuit against Ronaldo are seeking damages exceeding $1 billion for his alleged involvement in promoting illegal financial instruments.

3-Are other celebrities facing similar legal actions related to cryptocurrency platforms?

Yes, several other celebrities, including Stephen Curry, Shaquille O’Neal, Tom Brady, Gisele Bündchen, and Larry David, have been associated with similar legal actions due to their collaborations with cryptocurrency platforms.