Cristiano Ronaldo hit with Binance endorsement lawsuit: Deets inside

Cristiano Ronaldo has found himself entangled in a legal dispute over his endorsement of the cryptocurrency exchange platform Binance.

The captain of Saudi Pro League club Al Nassr faced a potential class-action lawsuit filed by individuals alleging financial losses due to his endorsement of the currently legally entangled cryptocurrency exchange.

A submission to a United States district court in Florida on November 27 alleged that Ronaldo was involved in the endorsement, support, and/or direct engagement in the promotion and sale of unregistered securities in collaboration with Binance.

Cristiano Ronaldo lawsuit:

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.”

It also read, "Binance’s partnership with celebrities like Ronaldo was clearly designed to use the positive reputation associated with specific celebrities to convince consumers that Binance was a safe place to buy and sell cryptocurrency."

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The legal action referred to guidance from the U.S. Securities and Exchange Commission (SEC) cautioning celebrities about the necessity to disclose payments received for endorsing cryptocurrencies.

The lawsuit alleges that the 37-year-old footballer failed to comply with this requirement.

In mid-2022, Cristiano Ronaldo established a long-term collaboration with Binance, wherein he committed to serving as a spokesperson and offering marketing services to the cryptocurrency exchange platform.

These services encompassed activities such as social media posts, endorsing his exclusive NFT collection on Binance (which marked Ronaldo's inaugural NFT collection), and featuring in commercial advertisements, among other promotional endeavours.

Simultaneously, Binance and its founder, Changpeng "CZ" Zhao, are encountering legal challenges, admitting guilt and agreeing to a $4.3 billion settlement with the U.S. government for breaching Anti-Money Laundering regulations and operating an unregistered money-transmitting enterprise.