Before Cristiano Ronaldo, Barcelona Legend Andres Iniesta Faced Similar Charges for Promoting Crypto Giant Binance

Cristiano Ronaldo is more than just a name; he is a renowned brand. Marketing for brands became a mainstay in his career. However, one of these partnerships has led him into a substantial legal dispute. The party involved is none other than the leading cryptocurrency exchange, Binance. Interestingly enough, it has also faced similar legal challenges involving Barcelona legend Andres Iniesta.

Binance, one of the leading companies in the cryptocurrency industry, has always been eager to collaborate with soccer stars to promote its brand. Before entering a brand partnership with the Portuguese striker, the Crypto firm also campaigned with Iniesta, Luis Suarez, and James Rodríguez. However, these partnerships didn’t go as smoothly as planned as all hell broke loose. 

Before Cristiano Ronaldo, Iniesta faced a similar fate!

Notably, the Portuguese sensation now faces a massive lawsuit over his association with Binance. The lawsuit is seeking damages of up to $1 billion for promoting the crypto firm that could rock the soccer fraternity. Just like Ronaldo, Iniesta’s association with Binance in 2021 also drew the attention of regulators.

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In 2021, the crypto firm paid the Spanish midfielder to send a promotional tweet. Yet, this move caused a backlash from Spain’s financial regulators, who felt Iniesta should have exercised more caution. The absence of the widely used hashtag #ad in Iniesta’s tweet further intensified the scrutiny.

Binance later clarified that this omission was due to a misunderstanding, but the damage was already done. Unlike Ronaldo’s situation, the issue with Iniesta did not escalate to a lawsuit to his credit. The matter quickly fizzled out, as Iniesta himself did not address it publicly. However, the same cannot be said for Ronaldo.

More about Ronaldo’s $1 billion lawsuit hit

Like most of the other athletes, Cristiano Ronaldo collaborated with Binance in 2022 for a multi-year collaboration. As part of this union, united with the company for promotional ads and endorsed a series of NFTs to enter the world of cryptocurrency. However, his advertising activities have encountered a setback in the United States of America. 

The lawsuit states, “Mr. Ronaldo’s promotions solicited or helped Binance solicit investments in unregistered securities, encouraging his millions of followers, fans, and supporters to invest with the Binance platform.” Currently, neither Binance nor the Al Nassr striker has publicly addressed this situation.

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