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Cristiano Ronaldo has been named in a proposed class action lawsuit filed by users of crypto exchange platform Binance.
The Al-Nassr star signed a sponsorship deal with the exchange in June 2022 – after the company was labeled a ‘significant risk’ to consumers by the Financial Conduct Authority – and later developed a range of NFTs (non-fungible tokens) under her auspices .
Following their release in November of that year, fans shamed the player’s decision to pillory the invitation for fans to “join his Web3 community” by asking, “Can his reputation fall even further?”
As of November 28, Ronaldo is still involved in an active partnership with the company, but the lawsuit’s plaintiffs have alleged the five-time Ballon d’Or winner that it was his alliance with Binance that influenced their decision to become involved with the company influenced. the exchange.
The lawsuit, filed Tuesday in a U.S. District Court in Florida, alleges that Ronaldo “promoted, assisted and/or actively participated in the offering and sale of unregistered securities in association with Binance.”
Cristiano Ronaldo has been named in a class action lawsuit by users of the Binance platform
The Al-Nassr player struck a deal with the company to help launch NFTs in June 2022
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The complaint further states that after users first became involved with the platform to secure the forward’s NFTs, they previously invested in Binance’s alleged unregistered securities and crypto yield program.
Yield farming refers to the practice of lending cryptocurrency assets to earn interest on a decentralized finance platform, and is largely seen as a high-risk investment strategy.
Plaintiffs argued that Ronaldo’s popularity – and his reach of 110.3 million percent were in searches for the company in the week after the first sale of Ronaldo’s NFTs.
The lawsuit also cites that the player should have disclosed all payments received for promoting cryptocurrencies as required by US Securities and Exchange Commission (SEC) guidelines, and claims that Ronaldo had knowledge of the volatility of unregistered crypto securities because of its “investment experience and vast resources to obtain outside advisors.”
In addition to this class action lawsuit, Binance is in the throes of a massive legal battle, with founder Changpeng Zhao having already pleaded guilty to violating US anti-money laundering laws and stepped down from the company.
The company will pay a $4.3 billion (£3.39 billion) settlement as part of the plea deal, and Zhao could face a prison sentence of more than a year as the trial continues.
According to Reuters, Binance stopped accepting UK customers in October in line with legislation restricting the promotion of foreign digital asset companies.
On Tuesday, Ronaldo appeared to pay no attention to the lawsuit filing when he shared a video posted by Binance of himself getting ready for the camera.
Founder Changpeng Zhao and the company have pleaded guilty in US court, with Zhao facing possible prison time
“Cooking something with Binance,” his caption read.
Ronaldo was spared further legal trouble in the US last week after a court rejected an appeal by a woman who accused the player of raping her in 2010.
Kathryn Mayorga attempted to overturn a federal judge’s dismissal of the case in June 2022 and reopen the civil lawsuit filed in 2018, but her request was denied and dismissed with prejudice.
As such, Mayorga will not be able to refile the case.