#CristianoRonaldo #Binance #CryptoExchange #ClassActionLawsuit #NFTPromotion #BNBToken #CryptoSecurities #Cryptocurrency
Cristiano Ronaldo, a renowned soccer star, has recently found himself in the midst of a proposed class-action lawsuit. Purportedly, he stands accused of promoting investments in unregistered securities via the crypto exchange Binance. Plaintiffs asserting their loss due to Ronaldo’s promotional activities on Binance filed a legal document on November 27 to a Florida District Court. The filing suggests that Ronaldo actively participated and promoted the sale of unregistered securities in collaboration with Binance.
Binance, in partnership with Ronaldo since mid-2022, released a series of Ronaldo’s non-fungible tokens (NFTs), three collections of which are specifically related to the exchange. It is posited in the complaint that users registered for Ronaldo’s NFTs were more prone to utilizing Binance for additional purposes, such as investing in what are deemed as unregistered securities. This includes Binance’s BNB token and its crypto yield programs. The plaintiffs argue that Ronaldo, who has an impressive social media following of around 850 million, was instrumental in driving Binance’s popularity. More specifically, this was achieved through his NFT sales campaigns which significantly boosted Binance’s profile, evidenced by a 500% surge in its online searches following the initial sale.
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