Cristiano Ronaldo’s Binance Deal Under Scrutiny For Misleading Promotion

Key Points:

• Cristiano Ronaldo is facing a lawsuit for promoting Binance, and allegedly participating in the sale of unregistered securities.
• The lawsuit claims that three plaintiffs suffered losses due to Ronaldo’s endorsement and Binance’s failure to implement proper anti-money laundering measures.

Cristiano Ronaldo’s Binance deal under scrutiny as plaintiffs claim losses due to Ronaldo’s endorsement and Binance’s lack of anti-money laundering measures.

Global football star Cristiano Ronaldo is facing a lawsuit in a Florida District Court for his promotion of Binance, the world largest cryptocurrency exchange.

According to the document, there are 3 plaintiffs, aged 21, who allege that they suffered losses due to Ronaldo’s endorsement and that Binance failed to implement proper anti-money laundering measures. The exchange was recently ordered to pay $4.3 billion in settlements to US authorities.

The lawsuit claims that Ronaldo actively participated in the sale of unregistered securities through his partnership with Binance, where he promoted his own series of non-fungible tokens (NFTs).

Users who signed up for the NFT collection were allegedly more likely to engage in other activities on the exchange, including purchasing unregistered securities such as the BNB token and the exchange’s yield programs.

The filing suggests that Ronaldo’s promotions encouraged his millions of followers to invest with Binance. The lawsuit argues that Ronaldo should have been aware of Binance’s sale of unregistered crypto securities and that he had the resources to seek outside advice.

Additionally, the plaintiffs point to the Securities and Exchange Commission’s warning to celebrities about disclosing payments received for promoting cryptocurrencies, claiming that Ronaldo did not disclose his payments from Binance.

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