Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
Home»ETHEREUM NEWS»Cristiano Ronaldo files $1 billion lawsuit over Binance NFT promotion
ETHEREUM NEWS

Cristiano Ronaldo files $1 billion lawsuit over Binance NFT promotion

By Crypto FlexsDecember 1, 20234 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Cristiano Ronaldo files  billion lawsuit over Binance NFT promotion
Share
Facebook Twitter LinkedIn Pinterest Email

A class action lawsuit filed in Florida on Thursday seeks international soccer star Cristiano Ronaldo to pay more than $1 billion in damages for his role in promoting cryptocurrency exchange Binance.

The lawsuit alleges that Binance sold unregistered securities in the U.S. and operated illegally. Ronaldo claims to have used his celebrity to promote investments and drive traffic and investors to the platform.

“Nationally binding laws regarding mass promotion of cryptocurrencies and unregistered securities have recently been clarified and repealed,” Adam Moskowitz, an attorney for the plaintiffs, wrote. He said that under the new standards, “promoters such as Cristiano Ronaldo who have financial incentives for their own or the financial benefit of the security issuer (Binance) could be held liable under securities laws for their use of the internet and social media for mass solicitation.” “He claimed. of cryptocurrency.”

The lawsuit cites widespread alleged violations by Binance, including operating an unregistered exchange and clearinghouse, failing to submit suspicious activity reports, and failing to implement anti-money laundering controls. In early November, Binance paid more than $4 billion in fines related to these activities.

Meanwhile, the plaintiffs claim that Ronaldo benefited financially by driving traffic to Binance and should have known that his promotion was potentially illegal. They claim that more than 100 million Binance users were exposed to Ronaldo’s advertisements, including on TV and social media.

“Ronaldo’s promotions encouraged millions of followers, fans, and supporters to invest on the Binance platform, thereby causing Binance to solicit or support investments in unregistered securities,” the lawsuit states. “Given Mr. Ronaldo’s investment experience and extensive resources for seeking external advice, he was aware of potential concerns about Binance selling unregistered cryptocurrency securities or aiding and abetting fraud and/or conversion on Binance. “I should have known.”

Last November, Ronaldo teamed up with Binance to launch “CR7,” his first NFT collection, ahead of the 2022 World Cup. The premium NFT series features seven animated digital statues capturing key moments from Ronaldo’s illustrious career. Each of the scant NFTs depicts Ronaldo in iconic poses, including his childhood growing up in Portugal, breakout trick moves like the legendary stepover, and career-defining bicycle kick goals.

Starting prices for digital collectibles ranged from about $77 to $10,000. New Binance customers who created an account with a promo code also “The ‘CR7 Mystery Box’ contains one of two special NFTs. There were 777,777 NFTs of each type available.

Plaintiffs’ attorneys believe compensation is the only way for victims to get justice.

“Investors have now lost over $11 billion and some exchanges, such as FTX and Voyager, have gone bankrupt, so this complaint is one of the only ways for victims to recoup their losses directly from specific promoters,” Moskowitz said. wrote:

The liability facing celebrities who have dabbled in promoting cryptocurrencies was put into stark relief by the Securities and Exchange Commission (SEC) earlier this year when it indicted NBA Hall of Famer Paul Pierce.

“The law requires us to disclose to the public how much we receive from whom to promote investments in securities, and we cannot lie to investors when promoting securities,” SEC Chairman Gary Gensler said at the time. “When a celebrity endorses an investment opportunity, including cryptocurrency securities, investors should carefully research whether the investment is right for them and understand why the celebrity is making such an endorsement.”

SEC Division Director Gurbir S. Grewal added, “Federal securities laws make clear that celebrities or other individuals promoting cryptocurrency asset securities must disclose the nature, source, and amount of compensation received in exchange for their promotion.” Yes. of execution. “Investors have the right to know that securities promoters are unbiased.”

The SEC’s order declared that Pierce violated the anti-touting and anti-fraud provisions of the federal securities laws.

Editor’s note: This story was drafted using Decrypt AI from sources referenced in the text. fact confirmed by Ozawa.

Stay up to date with cryptocurrency news and receive daily updates in your inbox.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

‘OG’ Whale Attracts Over $400 Million in Bearish BTC Bet

October 10, 2025

BitDigital becomes the first public Etherrium for distributing unsecured leverage -details -Details

October 6, 2025

Ethereum Future is an execution of stablecoins and tokenized assets -then you need to know:

October 2, 2025
Add A Comment

Comments are closed.

Recent Posts

Phemex Launches Market Confidence Campaign To Support Traders Through Volatility

October 11, 2025

How SJMine Transforms Daily Crypto News Into Passive Profits

October 11, 2025

Ethereum price plunge creates opportunity for 13% rebound

October 11, 2025

Eightco Holdings Inc. ($ORBS) Expands Its Strategic Vision Into The Enterprise

October 10, 2025

Whale.io Launches Battlepass Season 3, Featuring $77,000 In Crypto Casino Rewards

October 10, 2025

Strengthening the AI ​​Agent Economy

October 10, 2025

‘OG’ Whale Attracts Over $400 Million in Bearish BTC Bet

October 10, 2025

Rhuna Raises $2M Seed Round Led by Aptos Labs to Build Stablecoin Payment Infrastructure for Entertainment

October 10, 2025

Mobile App Change Log 7.17.0

October 9, 2025

Building Tomorrow’s Wealth With Tokenized Gold

October 9, 2025

Dreamcash Celebrates 100,000 Waitlist Signups With Exclusive $50k Giveaway Series

October 9, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Phemex Launches Market Confidence Campaign To Support Traders Through Volatility

October 11, 2025

How SJMine Transforms Daily Crypto News Into Passive Profits

October 11, 2025

Ethereum price plunge creates opportunity for 13% rebound

October 11, 2025
Most Popular

Bitcoin price took a hit. Can Bulls Protect Key Support at $40,000?

January 19, 2024

HKMA and HKUST cooperate to improve cyber security in Hong Kong finance.

May 29, 2025

OTC encryption transaction | Careful gateway to direct digital asset exchange

June 3, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.