Portugal and Al-Nassr star forward, Cristiano Ronaldo will face a lawsuit for promoting Binance, the world’s largest cryptocurrency exchange.
The plaintiffs want damages of ‘a sum over’ $1 billion, as they argue that Ronaldo played a role in the offer and sale of unregistered security in collaboration with Binance.
The 5-time Ballon d’Or winner partnered with Binance in 2022 to market his non-fungible tokens (NFTs), thus making himself associated with the company. Supporters of Ronaldo thought that this exchange was trustable due to Ronaldo’s backing but it proved to be wrong.
The lawsuit against Ronaldo alleges that he should have known about Binance’s sale of unregistered crypto securities, as his negligence caused trouble for many of his supporters.
Ex-CEO Binance Changpeng Zhao has pleaded guilty in terms of failing to maintain an effective anti-money laundering program. Binance was accused of failing to report suspicious transactions of US-listed terrorist groups such as al Qaeda, ISIS, etc.
Ronaldo has faced lawsuits in the past, but the value of this lawsuit is what makes it unique. Al-Nassr has had a good start to the season as they trail the table-toppers Al-Hilal by a meager 4 points in the Saudi Pro League (SPL) after 14 matches. Ronaldo is topping the scoring charts with 15 goals.