HomeBinanceCristiano Ronaldo is in...

Cristiano Ronaldo is in trouble for supporting Binance and promoting illegal investments. He might have to deal with legal issues.

Michael Sizemore, Mikey Vongdara, and Gordon Lewis believe that Ronaldo helped promote financial products on Binance without following the rules.

Famous football player Cristiano Ronaldo is in trouble with the law again. He is being accused of promoting a cryptocurrency exchange called Binance in a way that is not allowed. The legal battle just started this week. Ronaldo is being sued in Florida for telling people to invest in illegal Binance securities, which caused them to lose a lot of money.

The people suing, Michael Sizemore, Mikey Vongdara, and Gordon Lewis, say that Ronaldo was involved in promoting financial products on Binance. They think these products should have been approved by regulators. They mention Ronaldo promoting his NFT collection, the BNB token, and yield programs on Binance specifically.

In 2022, Binance and Ronaldo agreed to work together to promote some of his collections as NFTs. The first set of items was released in November 2022. It was divided into four categories: normal, rare, super rare, and super super rare. The new set called Forever CR7 was released in July this year. It has 29,000 digital collectibles that show important moments from the famous soccer player Cristiano Ronaldo’s career, like his awards. These collections were really popular all over the world.

They think Ronaldo helped Binance reach more people and made more people interested in unregistered securities by using his fame and social media followers. They also pointed out that the number of searches for Binance increased by 500% just a few days after he released his NFT collection on the crypto exchange.

The document said:

“Ronaldo promoted Binance and encouraged his followers to invest in it, which is against the law. ”

In addition, the lawsuit claims that Ronaldo either deliberately or carelessly ignored the SEC’s rules about disclosing his Binance sponsorship deal. The people suing say the football star should have seen problems with the cryptocurrency linked to his business deal because he is an experienced investor.

The Crypto Company is facing more problems.

The lawsuit is happening while Binance is already dealing with a lot of problems. The government made a deal with Binance to pay $4. 3 billion for breaking rules about illegal money. Binance’s boss, Changpeng Zhao, recently quit because he admitted to laundering money. The decision on the case may not be made until early 2024. No one knows what will happen before the final court decision is made.

Besides the problems mentioned earlier, Binance is still fighting a lawsuit from the SEC. The lawsuit says Binance sold securities illegally. The agency is looking more into how customers’ money might have been used improperly on the platform.

Binance is facing legal problems, and now Cristiano Ronaldo’s lawsuit adds more problems for the company. The lawsuit wants money and payment for the legal costs caused by the losses the people experienced from investments promoted by the football star.

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

BINANCE RECONSIDERS RULES FOR TOKEN LAUNCH, INSISTS ON QUALITY FOR NEW LISTINGS

Binance has noticed the low-float token trend and will limit...

Bullish Forecast for Bitcoin (BTC) from Analysts: “Last Opportunities Before Parabolic Rally!”

While Bitcoin has experienced a significant increase recently, surpassing $67,000, analysts...

KOI Announces Strategic Partnership with B² Network

KOI, Kingdom of Inscription, a unique game economy powered by AI...

Which Altcoins Will Binance List? Here is the New Strategy!

While Binance, the world's largest cryptocurrency exchange, continues its altcoin listings...

- A word from our sponsors -

Read Now

BINANCE RECONSIDERS RULES FOR TOKEN LAUNCH, INSISTS ON QUALITY FOR NEW LISTINGS

Binance has noticed the low-float token trend and will limit listings based on a new rule set. Venture-backed projects are entering the market, often with a low float. VC funding returned in Q1, creating a new challenge for centralized exchanges. Binance issued a new list of rules for...

Bullish Forecast for Bitcoin (BTC) from Analysts: “Last Opportunities Before Parabolic Rally!”

While Bitcoin has experienced a significant increase recently, surpassing $67,000, analysts continue to interpret BTC's price movements and make new predictions. At this point, many analysts argue that Bitcoin is currently in a consolidation and reaccumulation phase. Analysts note that the current phase presents an opportunity for investors to...

KOI Announces Strategic Partnership with B² Network

KOI, Kingdom of Inscription, a unique game economy powered by AI and Bitcoin liquidity, is pleased to reveal that they have entered into a partnership with B² Network, the prime choice for Bitcoin’s Layer-2 framework. This partnership is aimed at adding a new layer of liquidity to...

Which Altcoins Will Binance List? Here is the New Strategy!

While Binance, the world's largest cryptocurrency exchange, continues its altcoin listings at full speed, it significantly moves the price of the relevant altcoin with its listings. While investors were looking forward to Binance listing new altcoins, a new statement came from the exchange regarding the altcoin listing policy. At...

ENERGY SECTOR SEES THE BIGGEST SPIKE IN “AI” MENTIONS IN Q1, BEYOND TECH

More energy companies talked about AI in the earnings call in Q1, compared to the previous quarter. The info-tech and communication sectors still account for the highest number of “AI” mentions. The traction of AI development is placing a huge demand on energy globally. Artificial intelligence is...

Big Debate Between Analyst Saying “Bitcoin is Dead” and a 50 Years of Economist

Peter Schiff and Peter Brandt, two analysts who frequently share analyzes about the cryptocurrency market, got into a serious discussion. The discussion first started after gold-loving analyst Peter Schiff commented on the performance of some assets recently. Citing a previous tweet, Schiff mentioned that the price of silver...

Nimble Network Announces a New Collaboration with Anome

Nimble Network, a decentralized artificial intelligence orchestration layer to improve the AI ecosystem, has recently announced an exclusive partnership. As per the company, it is joining forces with Anome (an on-chain game ecosystem focusing on enhancing GameFi, NFT liquidity, NFTFI, and DeFi. On its official account on...

RESEARCH SHOWS AI HELPS IN HEALTH CARE TRANSFORMATION

AI accelerates drug discovery in the healthcare sector. AI transforms health research but requires careful implementation. Faster disease diagnosis with AI, but bias concerns. Artificial intelligence is reshaping health research and speeding up the discovery of drugs and disease investigation. With the help it brings to the healthcare...

Solana and Sui Lead Fastest Blockchain Race with Record Transaction Speeds

In the dynamic world of blockchain technology, transaction speeds have become a pivotal metric for measuring platform performance. CoinGecko’s latest report reveals a notable surge in transaction speeds across leading blockchain platforms, driven by a wave of on-chain activity and the rising popularity of meme coins. Solana Leads...

These Are The 28 Altcoins Binance Has Invested In But Hasn’t Listed Yet

Binance Labs, the investment arm of Binance, the world's largest cryptocurrency exchange, has been investing in many altcoin projects recently. However, Binance does not yet list many of the altcoins it invests in on its exchange platform. Although Binance's investment in a project does not guarantee listing on...

BRITISH MOTORISTS SKEPTICAL OF AI-DRIVEN VEHICLE SUPERIORITY

Three in five British drivers doubt automatic vehicles’ capabilities. AI technology faces skepticism from British motorists. UK drivers think they’re better than AI cars. A recent poll suggests that 60% of UK drivers are convinced they are better than automatic AI-driven vehicle technologies. The UK government hopes to...

CryptoQuant CEO Announces the Bullish End Date in Bitcoin!

Leading cryptocurrency Bitcoin reached a new ATH, surpassing its previous ATH of $69,000 before the halving in April. While the new ATH before Halvig increased investors' bullish expectations, BTC experienced serious corrections afterwards. While these corrections caused speculation that the bear market had started again, CryptoQuant CEO Ki Young...