Legal troubles loom for Cristiano Ronaldo as he faces a lawsuit connected to his association with the cryptocurrency exchange firm Binance. The focus of the legal action centers on his promotion of a non-fungible token (NFT) collection.
As reported by Cointelegraph, a filing submitted on November 27 to a United States district court in Florida alleges that Cristiano Ronaldo was involved in the promotion, assistance, and/or active participation in the offer and sale of unregistered securities in collaboration with Binance. This legal claim underscores potential regulatory concerns surrounding Ronaldo’s activities in the cryptocurrency space.
The plaintiffs assert that, despite signing up for Ronaldo’s NFT, their primary intent was to use Binance for other purposes. They argue that Ronaldo either knew or should have known about Binance’s alleged sale of unregistered crypto securities. In pursuit of justice, the plaintiffs are seeking damages exceeding $1 billion in this legal battle.
Binance and its founder, Changpeng ‘CZ’ Zhao, find themselves in legal turmoil, having recently settled with the U.S. government for $4.3 billion due to Anti-Money Laundering law violations. Zhao personally faces potential consequences, including up to 18 months in prison. This legal backdrop adds a complex layer to Cristiano Ronaldo’s involvement with the cryptocurrency exchange platform.
Cristiano Ronaldo, the Portuguese football star, faced prior criticism for endorsing NFTs, given the substantial lack of regulation and the inherent volatility of this product. This latest legal challenge further amplifies concerns surrounding his involvement in the uncharted territory of non-fungible tokens.
