Thu, Nov 30
The "golden boy," Cristiano Ronaldo, is facing troubles as he's accused of promoting unregistered securities from Binance, a company with a lucrative contract with the star to endorse its CR7-branded NFTs.
As per the lawsuit filed by a group of alleged investors harmed by Ronaldo's promotion, they lost money by investing in unregistered securities promoted by Binance on its platform. The encouragement came from CR7 through promotions of his products, including NFTs, on his official social accounts, directing his massive follower base (with over 110 million followers on the X platform alone) to invest with Binance.
It's no surprise that CR7 and Binance have conducted extensive campaigns, leveraging the star's large following and the platform's subscribers, resulting in a substantial influx of users creating accounts and investing, generating millions in dividends for both parties.
Ronaldo finds himself caught in the crossfire as Binance and its founder face legal issues in the United States, leading CZ to step down as CEO, pay hefty fines, admit guilt, and possibly face penalties for crimes associated with the shortcomings of the world's largest cryptocurrency platform today.
Changpheng Zhao is in a phase of redemption, and Binance is at a critical stage of evolution. Accusations like Ronaldo's are becoming prevalent in the media, given the opportune moment, as the platform is under attack. After all, CZ dared to dream big and make it one of the world's largest companies, generating billions annually, attracting enemies from all corners of society.
Don't be mistaken; Ronaldo won't be the sole accused of promoting unregistered products. Many celebrities who partnered with Binance or created products using the platform will surface in the media. Why? Simply put, Binance is a target, and CZ's ambitious dreams have created adversaries across society.
It's regrettable to see CR7 in this predicament, but those who play with fire can get burned. With his wealth, he surely sought legal advice before getting involved with Binance. In any case, good luck Ronaldo, keep playing soccer, and continue enchanting your fans. After all, that's where you're one of the greatest of all time.