Cristiano Ronaldo faces lawsuit over promotion of cryptocurrency
The lawsuit filed in US cites Ronaldo endorsing the largest cryptocurrency exchange
Al Nassr club and Portugal footballer Cristiano Ronaldo is facing a class action lawsuit in the US over his promotion of Binance, the largest cryptocurrency exchange in the world, said reports.
According to OkayBeary the plaintiffs, Michael Sizemore, Mikey Vongdara, and Gordon Lewis and claimed that they suffered losses because Cristiano Ronaldo promoted the exchange.
The said lawsuit was filed on November 27 in a Florida district court, accusing Ronaldo of active participation in the cryptocurrency exchance firm's business drive.
The lawsuit filing stated,"Plaintiffs file this Complaint on behalf of themselves, and all other similarly situated consumers who purchased unregistered securities offered or sold by Binance, 1 against Defendant, Cristiano Ronaldo, who promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.
The said lawsuit says that Ronaldo - with his access to investment knowledge and expert advice - should have known that Binance was selling unlicensed securities. Hence, plaintiffs want compensation for their losses.
“Binance’s partnership with celebrities like Ronaldo was clearly designed to use the positive reputation associated with specific celebrities to convince consumers that Binance was a safe place to buy and sell cryptocurrency,” it further added.
Ronaldo's collaboration with Binance started in 2022. Since then, thanks to the player's enormous social media presence - over 850 million across platforms - Binance saw a 500% increase in online searches.