Cristiano Ronaldo, a Portugal star is likely to lose 1 billion for alleging wrong promotion of Binance after a lawsuit was filed in U.S. federal court on Monday. Cristiano Ronaldo accused of Illegal ads over Binance, Likely to loss $1bn . According to the sources from BBC News, Ronaldo has promoted Binance cryptocurrency on many social media platforms like X, Instagram, and Facebook page which led to the investors to a huge loss. They claimed that he promoted binance which was a sale of unregistered securities. The plaintiffs also claimed if Ronaldo failed to disclose the form or amount of his compensation from Binance, it would violate US law. They are seeking $ 1 billion in compensation for his deceitful and unlawful promotion.
Cristiano Ronaldo accused of Illegal ads
Further Binance also was accused of operating as an unregistered securities exchange and this was marked as a violation of U.S. securities The cryptocurrency exchange had agreed last week to pay around $4 billion for settlement. The founder of Binance Changpeng Zhao resigned as CEO for his failure to prevent money laundering on the platform.
Cristiano Ronaldo has partnered with Binance, the largest cryptocurrency in the world, and in November 2022, Binance announced its first “CR7” collection of non-fungible tokens (NFTs).
Ronaldo is not the first person who violated US law regarding the wrong promotion of cryptocurrency. Last year, a host of Hollywood and sports stars – including Larry David and Tom Brady – were named which was wrong in promoting FTX and becoming the second largest cryptocurrency before it collapsed in November 2022.
As we know Ronaldo is one of the most popular and wealthiest athletes in the world. He is the star and goal-scoring of the Portugal National Team. He played with the Spanish team Real Madrid, and clubs Juventus and Manchester United in England. Now he is the key player of Al Nassr of the Saudi Arabian professional team.
Hello….I’m Tobar Nianglang, holding an MBA in Marketing with a focus on Digital Marketing. I’m also the founder and author behind sportskai.com, a prominent sports news platform.