Customers of the cryptocurrency exchange Binance have filed a class-action lawsuit against Cristiano Ronaldo.
Cristiano Ronaldo joined Al-Nassr in January and has lit up the club and the league with his presence.
16:07 - 29.11.2023
Al-Nassr star Cristiano Ronaldo has signed a sponsorship agreement with Crypto exchange Binance.
Subsequently, the exchange launched a range of non-fungible tokens (NFTs) under a sponsorship initiative.
Ronaldo’s law suit
07:59 - 28.11.2023
Fans have hailed Cristiano Ronaldo for his sportsmanship in Al Nassr's clash against Persepolis.
22:54 - 27.11.2023
Portuguese star Cristiano Ronaldo protested a penalty call in his team's favour in Al-Nassr's draw against Persepolis.
The five-time Ballon d’Or winner is accused of having "promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance" in the case.
In addition, the complaint claims that consumers were more likely to engage in Binance's crypto yield programme and the purported unregistered securities after initially using the platform to secure the forward's NFTs.
The plaintiffs contended that the popularity of Ronaldo, along with his reach of 110.3 million X (formerly Twitter) followers and an additional 613 million Instagram followers, contributed to the growth of Binance's user base.
They further asserted that searches for the company saw a 500% increase in interest in the week following the initial sale of Ronaldo's NFTs.
The lawsuit further states that Ronaldo had knowledge of the volatility of unregistered crypto securities because of his "investment experience and vast resources to obtain outside advisors."
It continued by saying that he should have disclosed any payments he received for promoting cryptocurrencies in accordance with US Securities and Exchange Commission (SEC) guidelines.