New Delhi, November 30: Al Nassr Club and Portuguese footballer Cristiano Ronaldo are currently facing a class-action lawsuit in the United States regarding their promotion of Binance, the world’s largest cryptocurrency exchange, as reported by OKBeery.
The plaintiffs—Michael Sizemore, Mickey Wongdara and Gordon Lewis—allege they suffered losses because of Cristiano Ronaldo’s endorsement of the cryptocurrency exchange. The lawsuit, filed in Florida District Court on November 27, accuses Ronaldo of actively participating in Binance’s business initiatives related to cryptocurrency.
The lawsuit filing clearly states, “Plaintiffs file this complaint on behalf of themselves and all other similarly situated consumers who purchased unregistered securities offered or sold by Binance against Defendant Cristiano Ronaldo, who promoted , facilitated and/or actively participated in the offering and sale of unregistered securities in coordination with Binance.”
Cooking something up with @binance https://t.co/FMAP5GAdxE
— Cristiano Ronaldo (@Cristiano) November 28, 2023
The legal action argues that Ronaldo, with his access to investment knowledge and expert advice, should have known that Binance was selling unlicensed securities. As a result, plaintiffs demand compensation for their financial losses.
Ronaldo’s association with Binance began in 2022, and due to the footballer’s substantial social media following, which exceeds 850 million across all platforms, Binance reportedly experienced a notable 500% increase in online searches.
