Cristiano Ronaldo is facing a class-action lawsuit filed in the United States District Court in Florida, alleging that he falsely advertised the Binance cryptocurrency exchange.
The lawsuit was filed on November 27, and accuses Ronaldo of falsely advertising unregistered securities and engaging in fraudulent conduct in connection with his partnership with Binance.
The plaintiffs, Michael Sizemore, Mikey Vongdara, and Gordon Lewis, allege that they suffered losses as a result of Ronaldo‘s promotion and are seeking damages in excess of $1 billion, claiming financial losses as a result of his promotion of a cryptocurrency exchange that is now in trouble.
This legal issue stems from Ronaldo’s long-standing partnership with Binance, which they entered into in mid-2022 to promote a series of NFTs (non-fungible tokens).
In a series of social media posts, Ronaldo claimed that Binance was a “safe and secure” platform for investing in cryptocurrency. He also appeared in a number of television commercials for Binance.
However, the plaintiffs allege that Binance is not a safe or secure platform, and that Ronaldo’s statements were false and misleading. They also allege that Ronaldo was paid millions of dollars to promote Binance, and that he knew or should have known that the platform was risky.
Binance has not yet commented on the lawsuit.
The lawsuit is the latest in a series of legal problems for Binance. In recent months, the exchange has been investigated by regulators in several countries, including the United States, the United Kingdom, and Japan.
The lawsuit could have a significant impact on Ronaldo’s reputation and career. If he is found liable, he could be forced to pay millions of dollars in damages. He could also be barred from promoting cryptocurrency exchanges in the future.
