- Ronaldo accused of promoting unregistered securities through Binance’s platform.
- Speculated $750K settlement to avoid a high-profile public trial.
- Legal risks for soccer stars endorsing cryptocurrencies highlighted amid rising industry concerns.
In a surprising turn of events, global football sensation Cristiano Ronaldo finds himself entangled in a high-stakes legal dispute surrounding his collaboration with cryptocurrency exchange Binance. The class-action lawsuit, filed on November 27 in a Florida District Court, alleges that Ronaldo’s promotion of Binance through non-fungible token (NFT) collections resulted in investor damages, with claims of unregistered securities investments.
Ronaldo, who inked a multi-year deal with Binance to promote his exclusive NFT collections, comprising digital artworks and unique experiences, now faces accusations of actively participating in the sale of what regulatory authorities consider “unregistered securities.” The lawsuit contends that individuals purchasing Ronaldo’s NFTs were inadvertently led into engaging in other activities on Binance, including investments in allegedly unregistered securities like the BNB coin and associated cryptocurrency yield schemes.
Recent developments suggest that Ronaldo could potentially settle the $1 billion lawsuit for $750,000 to circumvent a public trial in the United States. Drawing parallels with similar cases involving public figures like Shaquille O’Neal, Floyd Mayweather, and DJ Khaled, legal experts, including digital asset specialist lawyer Jemma Fleetwood, speculate that Ronaldo’s legal team might pursue a comparable settlement to mitigate the potential reputational and financial impact of a public trial.
This legal conundrum isn’t isolated to Ronaldo within the realm of soccer and cryptocurrency endorsements. Former Barcelona player Andres Iniesta faced controversy in 2021 for endorsing Binance in a social media campaign. The increasing involvement of soccer players in promoting NFTs and participating in crypto exchange activities has raised regulatory concerns regarding legal risks and industry compliance.
While Cristiano Ronaldo continues to shine on the soccer field, his off-field endeavors encounter a substantial legal hurdle with the $1 billion lawsuit stemming from his Binance endorsement. This case sheds light on the inherent risks associated with celebrity endorsements in the cryptocurrency sphere. As Ronaldo strives to avoid a public trial, the speculated $750,000 settlement may set a precedent for similar situations involving high-profile individuals navigating the intersection of sports, celebrity endorsements, and the dynamic world of digital assets.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.