Cristiano Ronaldo Sued for Involvement with Binance

By Invictus21 | Crypto Mademoiselle | 30 Nov 2023


Soccer superstar Cristiano Ronaldo, who reached the pinnacle of his career at Real Madrid is getting sued. He faces a class-action lawsuit in the United States over his promotion of the cryptocurrency exchange Binance. The lawsuit alleges that Ronaldo violated securities laws by promoting Binance's unregistered securities. It seems this could be a worrisome Christmas for CR7 as he is affectionately known. The lawsuit was officially filed on November 27, 2023 in a Florida federal court. Charges state CR7 promoted Binance's unregistered securities in a series of social media posts (like the Tweet below) and other endorsements. An additional allegation is that Ronaldo failed to disclose that he was being paid by Binance to promote its products.

cr7tweet

Image Source: journalducoin.com

At a pricetag of $1 billion in damages, the lawsuit is not peanuts even for Christiano Ronaldo. Basically, this lawsuit seeks compensation on behalf of investors who lost money after investing in Binance's unregistered securities.

Ronaldo's involvement with Binance has come under the spotlight as the Securities and Exchange Commission (SEC) charged Binance for neglecting to register its cryptocurrency exchange and violating anti-money laundering laws. We all know the part concerning Binance: It has agreed to settle the charges without admitting or denying wrongdoing. You can read more about the CEO, CZ's resignation over the matter here.

 

Will Cristiano Ronaldo be another SBF?

The lawsuit against Ronaldo could have a significant impact on the soccer star's career. If Ronaldo is found liable, he could be forced to pay millions of dollars in damages to investors. He could also face civil and criminal penalties. Another consequence could be the tarnishing of  the footballer's reputation. As one of the most  most recognizable footballer's in the world( after Leonel Messi) any guilty verdicts could see him getting cancelled and potentially losing out on future endorsements and promotional income. 

Reaction from Cristiano Ronaldo and Representatives:

Cristiano Ronaldo has not yet publicly commented on this lawsuit against him. Moreover, his representatives have declined to comment to the press. Ronaldo is probably waiting cautiously until after legal consultation with his lawyers before making a public statement. Given the potential impact and reach of the lawsuit his legal dream team is taking the lawsuit very seriously and are building a strong defense against the allegations. Another potential outcome is Ronaldo settlling out of court to avoid further noise and negative associations to his brand.

We are still in the early stages of the lawsuit and as we have witnessed in similar celebrity cases, several months or even years could pass before it is resolved. In the meantime, Ronaldo will continue to focus on his soccer career. 

What do you think about celebrities shillling Crypto? Any other celebrities or influencers promoting without disclaimers?

 

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cryptobiannce

 

Kcc2

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Invictus21
Invictus21

Blogger and bilingual in Spanish and English crypto enthusiast.


Crypto Mademoiselle
Crypto Mademoiselle

Here you will find articles to inform and educate regarding the opportunities and pitfalls in Crypto in general as well as specific case studies. As a relative newbie myself, I am starting to navigate this world with some confidence, though I will admit that I don´t know a ton. All in all, I follow the strict rule of doing my own DYOR and never investing MORE THAN I can afford to lose. If you are on the learning curve and are excired about the prospects of profiting while learning join me.

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