News Karnataka
Tuesday, February 27 2024

Lawsuit Targets Ronaldo’s Binance Promo Deal

Photo Credit : IANS

New Delhi : According to sources, Cristiano Ronaldo, a football player for Portugal and the Al Nassr club, is being sued as a class action in the US for his endorsement of Binance, the biggest cryptocurrency exchange globally.

OkayBeary claims that Michael Sizemore, Mikey Vongdara, and Gordon Lewis, the plaintiffs, experienced losses as a result of Cristiano Ronaldo’s promotion of the exchange.

A Florida district court received the aforementioned lawsuit on November 27, alleging that Ronaldo actively participated in the cryptocurrency exchange company’s business campaign.

The lawsuit filing stated,”Plaintiffs file this Complaint on behalf of themselves, and all other similarly situated consumers who purchased unregistered securities offered or sold by Binance, 1 against Defendant, Cristiano Ronaldo, who promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.

The said lawsuit says that Ronaldo – with his access to investment knowledge and expert advice – should have known that Binance was selling unlicensed securities. Hence, plaintiffs want compensation for their losses.

It went on, “Binance’s collaboration with celebrities like Ronaldo was obviously intended to leverage the favorable reputation associated with particular celebrities to persuade customers that Binance was a secure location to buy and sell cryptocurrency.”

Ronaldo and Binance began working together in 2022. Since then, Binance has seen a 500% rise in online searches due to the player’s massive social media presence—over 850 million across platforms.

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