Cristiano Ronaldo faces billion-dollar lawsuit over Binance partnership. Portuguese football legend Cristiano Ronaldo is now at the center of a legal storm, with plaintiffs seeking damages exceeding $1 billion (£790 million) over his promotional activities with Binance, the world’s largest cryptocurrency exchange.
The lawsuit alleges that Ronaldo played a pivotal role in the promotion and sale of unregistered securities in collaboration with Binance.
The footballer entered into a partnership with the cryptocurrency giant in 2022 to endorse his non-fungible tokens (NFTs), which subsequently became closely associated with the exchange.
According to the complaint, users who engaged with Ronaldo’s NFTs are purportedly more inclined to utilize the Binance platform for other investment purposes, potentially involving unregistered securities.
The legal action asserts that Ronaldo, given his substantial investment experience and resources, should have been aware of Binance’s sale of crypto securities without proper registration.
Adding complexity to the situation, former Binance CEO Changpeng Zhao has recently pleaded guilty to charges related to the failure to maintain an effective anti-money laundering program within the global cryptocurrency exchange.
As part of a plea deal, Binance has agreed to pay over $4.3 billion, and Zhao personally agreed to a $150 million penalty to the US Commodity Futures Trading Commission.
Binance had faced accusations of violating anti-money laundering and sanctions laws, along with allegations of failing to report suspicious transactions linked to organizations classified as terrorist groups by the US government, including Hamas, al Qaeda, and the Islamic State of Iraq and Syria.
Zhao now potentially faces up to 18 months in prison, with a US federal judge ruling that he cannot leave the United States until his sentencing hearing scheduled for February.
As Cristiano Ronaldo faces billion-dollar lawsuit over Binance partnership, this legal saga surrounding Ronaldo and Binance adds a new dimension to the ongoing scrutiny faced by major players in the cryptocurrency space, with implications not only for the football icon but also for the broader regulatory landscape of the crypto industry.
