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<a href="https://cryptobulls.biz/blog/cristiano-ronaldo-sued-for-binance-nft-ads/" rel="noopener noreferrer nofollow">Cristiano Ronaldo</a> Faces Legal Scrutiny Over Binance NFTs, Allegations of Unregistered Securities Promotion In a recent legal development, football icon Cristiano Ronaldo is under the spotlight as he faces a potential class-action lawsuit regarding his association with the cryptocurrency exchange Binance. The lawsuit, filed on November 27 in a Florida district court, alleges that Ronaldo played a role in promoting and facilitating the sale of securities believed to be unregistered, in collaboration with Binance. The crux of the legal dispute centers around the extensive partnership formed between Binance and Ronaldo in mid-2022, specifically aimed at promoting a series of non-fungible tokens (NFTs). At least three of these NFT collections were directly linked to Binance. According to the complaint, individuals who engaged with Ronaldo&#39;s NFTs were allegedly more inclined to use Binance for other investment purposes, including assets claimed by the plaintiffs to be unregistered securities, such as Binance&#39;s BNB token and its crypto yield programs. The lawsuit contends that Ronaldo&#39;s promotional activities actively encouraged investments in these purportedly unregistered securities, leveraging his vast social media following of 850 million across various platforms. The document argues that Ronaldo&#39;s NFT sales significantly contributed to the heightened popularity of Binance, resulting in a substantial 500% surge in searches for the exchange in the week following the initial sale. Within the context of the complaint, Ronaldo, with his investment experience and substantial resources, is suggested to have been aware of Binance&#39;s alleged involvement in selling unregistered crypto securities and could have sought external advice. The lawsuit also references U.S. Securities and Exchange Commission (SEC) guidance and emphasizing the need for celebrities to disclose payments received for promoting cryptocurrencies—a duty the complaint claims Ronaldo neglected. The proposed class-action lawsuit is initiated by Michael Sizemore, Mikey Vongdara, and Gordon Lewis, seeking damages and funds to cover legal fees. Simultaneously, Binance and its founder, Changpeng &#34;CZ&#34; Zhao, are navigating their own legal challenges. Binance recently pleaded guilty and agreed to a $4.3 billion settlement with the U.S. government for Anti-Money Laundering law violations and operating an unregistered money-transmitting business. Zhao has stepped down as CEO, potentially facing up to 18 months in prison, while Binance is subject to up to five years of compliance monitoring by the U.S. Department of Justice and the Department of the Treasury. Additionally, the SEC has filed a lawsuit against Binance, encompassing allegations of selling unregistered securities and an ongoing investigation into potential misappropriation of customer funds.

Ronaldo Faces Legal Action for Binance NFTs

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