Cristiano Ronaldo faces $1 billion lawsuit over Binance crypto fallouts

Cristiano Ronaldo is facing a class-action lawsuit worth more than 1 billion dollars in US courts by those affected by the Binance crypto currency platform.

Binance is regarded as the world’s biggest crypto exchange.

According to the lawsuit which was filed on Tuesday in a Florida court, Ronaldo was said to have  “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance,”

The suit also includes Ronaldo  selling non-fungible tokens (NFTs) of himself, which led to some huge financial losses for investors.

He was also accused of not disclosing “the form or amount of his compensation by Binance,” which is required by US law

The plaintiffs alleged that Binance and Ronaldo“knew that these advertisements targeted consumers unfamiliar with crypto.” and for notably selling unregistered crypto securities prone to wild volatility.

Binance, in November 2022 announced its first ‘CR7’ collection of non-fungible tokens (NFTs) in partnership with Cristiano.

Ronaldo said that the package would reward fans “for all the years of support”

However, the fallouts from the crypto have placed some damage on the door step of Ronaldo, who many subscribers believe his advertisements influence them to invest in cryptos on the platform and suffer heavy losses.

Ronaldo is regarded as an integral part of Binance’s growing popularity due to his influence and reach, with 850 million followers on social media.

The lawsuit states that Ronaldo should have been aware that “Binance was selling crypto-valuables”, as he has “investment experience and extensive resources to obtain advisors”.

Notably, Ronaldo isstill promoting the company, including posting a Binance advertisement as recently as November 28 on his X account, which has 110 million followers.

Sourced from CNN and marca news