Cristiano Ronaldo Faces $1 Billion Legal Dispute:
- Cristiano Ronaldo is currently embroiled in a $1 billion legal case.
- The lawsuit is related to the promotion of unregistered securities with Binance.
- The complaint was filed on November 28 with the Southern District Court of Florida.
A $1 Billion Case
Cristiano Ronaldo, a well-known football player for Al Nassr Football Club, is facing a $1 billion class-action lawsuit. This dispute is directly related to his business relationship with Binance.
The main plaintiff in this case is reported to be a California resident named Michael Sizemore.
According to the complaint filed on November 28, Ronaldo is accused of having “promoted, assisted and/or actively participated in the offer and sale of unregistered securities in collaboration with Binance.”
Furthermore, the lawsuit alleges that Ronaldo’s promotions encouraged his millions of fans to invest their money in unregistered securities on Binance. These promotional actions were made available to tens of millions of users through websites, television, and social media.
The Repercussions of Ronaldo’s Promotion
The case indicates that Ronaldo may have received “significant compensation” for his services, including possibly being given digital assets through Binance.
The complaint also highlights previous warnings from the SEC stating that virtual tokens can be considered securities and that celebrities must “disclose when they are compensated for promoting such securities.”
This case adds to a growing list of legal troubles for Binance, which has already faced lawsuits from the US SEC and agreed to pay $4.3 billion to settle charges of violating sanctions and money transfer laws.
