RONALDO SUED FOR PARTNERSHIP WITH BINANCE
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What absolute nonsense... do you agree?
Cristiano Ronaldo is facing a proposed class- action lawsuit for his role in promoting Binance, a crypto exchange currently facing legal challenges.
The lawsuit, filed in a U.S. district court in Florida, accuses Ronaldo of helping in the offer and sale of unregistered securities in collaboration with Binance.
This follows a partnership formed in mid- 2022, where Ronaldo promoted his nonfungible tokens (NFTs) through Binance, potentially leading users to invest in other offerings on the platform, such as Binance's BNB and its crypto yield programs.
The complaint argues that Ronaldo's promotions significantly boosted Binance's
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The plaintiffs claim Ronaldo, who has vast investment experience and resources, should have been aware of the legal implications of promoting unregistered crypto securities.
They also allege that he failed to disclose payments received for these promotions, as required by U.S. Securities and Exchange Commission (SEC) guidelines.
In a related context, Binance and its founder Changpeng Zhao are dealing with their legal issues, including a guilty plea and a $4.3 billion settlement with the U.S. government for various violations.
Zhao has resigned as CEO and faces poter prison time, while Binance is under compliance monitoring and additional legal scrutiny from the SEC.
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