Cristiano Ronaldo Hit With a $1 Billion Lawsuit in USA for Promoting Crypto Firm Binance: Reports

Throughout his career, Cristiano Ronaldo advertised for multiple billion-dollar companies and, in turn, made them trillion-dollar companies. Similarly to David Beckham, the marketable brand image allows him to be the face of brands across the seas. However, he has suffered a setback off the pitch regarding certain promotional activities. The concerned authorities have hit the Al Nassr star with a $1 Billion lawsuit in the USA for promoting the Binance crypto firm.

The lawsuit comes ahead of the crucial match against Al Hilal, potentially a title decider for Ronaldo and Co. They will hold the hearing of the lawsuit in the United States District Court for the Southern District of Florida. With his plans to move to the MLS in jeopardy, this becomes another roadblock. 

Cristiano Ronaldo faces a lawsuit for promoting Binance cryptocurrency firm

According to Info Money, the plaintiff sued Ronaldo for promoting cryptocurrencies and products considered unregistered securities following advertisements made by the athlete. The lawsuit has declared, “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.” 

Allegedly, Ronaldo advertised the cryptocurrency through media portals available in the United States of America. All hell broke loose following the lawsuit. CR7 associated with a broker to launch a collection of non-fungible tokens in 2022.

Some Binance assets require registration to be offered. These include cryptocurrencies and products like BNB Vault, Simple Earn, and staking. Therefore, the company’s CEO, Changpeng Zhao, resigned as a CEO following money laundering crimes of up to $4.3 billion. In addition, Binance admitted to committing fraud related to bank fraud and sanction violations. 

The Al Nassr star has not yet made any statement regarding this matter. Moreover, Binance has also not made any statement. The plaintiff claimed he faced “damages for which the defendant (Cristiano Ronaldo) is responsible.” The plaintiff expressed the losses he experienced after buying unregistered securities offered by Binance.

Therefore, we expect further updates to be notified about the legal proceedings. It is not the first team a sports athlete has faced problems because of Crypto firms.

Read More:- Cristiano Ronaldo Back in Training? Fresh Injury Update From Riyadh on the Al Nassr Captain Days Before Al Hilal Clash

Tom Brady and Stephen Curry fall prey to Crypto firms!

Sports athletes like Tom Brady, Naomi Osaka, Stephen Curry, and Shaquille O’Neal were also involved in a controversy with a crypto company called FTX. After they became the brand ambassadors, the athletes promoted the company through ads. It tempted their fans to invest in the crypto firm but experienced constant losses. Later, the company filed for bankruptcy, and the co-founder, Sam-Bank Friedman, faced detention for misusing the funds and other charges.

Many investors sued Brady, Osaka, Curry, and O’Neal for $11 billion for promoting the cryptocurrency. Notably, Tom Brady lost $20 million, as he was also an investor with FTX.

The above incident clearly states the Cryptocurrency market can make oversized profits and enormous losses. What are your thoughts on the Cristiano Ronaldo lawsuit? Let us know your thoughts in the comments.

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