Portugal and Al-Nassr superstar Cristiano Ronaldo has been sued for promoting the controversial cryptocurrency exchange Binance.
The 38-year-old Portuguese star has been hit with a proposed class-action lawsuit from plaintiffs Michael Sizemore, Mikey Vongdara, and Gordon Lewis, all of whom claim they suffered severe losses from his promotion of crypto exchange Binance – as reported by Coin Telegraph.
Back in 2022, Binance announced a multi-year deal with Ronaldo, in a bid to promote a series of his own non-fungible tokens (NFTs). Within the complaint, it has been claimed that users who signed up through Ronaldo’s promotion of the platform were more likely to use Binance for other reasons, such as investing in alleged “unregistered securities”.
A filing to a United States district court in Florida on November 27 regarding Ronaldo’s involvement with Binance claimed: “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 suit also alleges Ronaldo was previously aware or should have known “about Binance selling unregistered crypto securities” because of his “investment experience and vast resources to obtain outside advisers”.
Ronaldo will have to turn his focus away from the ongoing issues regarding Binance currently, as he prepares to face Al-Hilal, who recently lost Brazilian star Neymar to a season ending injury, on Friday evening.
Ronaldo’s Al-Nassr team currently sit in second place in the Saudi Pro League behind their upcoming opponents, as they look to close the current four point gap with a win in the coming days
