Cristiano Ronaldo is confronted with a $1 billion lawsuit regarding Binance cryptocurrency promotions, free from plagiarism.

Cristiano Ronaldo Faces $1 Billion Lawsuit Over Binance Cryptocurrency Endorsement

In a legal dispute, Cristiano Ronaldo is confronted with a lawsuit surpassing $1 billion related to his endorsement of Binance, the prominent global cryptocurrency exchange.

Legal Battle Unfolds in US District Court

The lawsuit, filed in a Florida US district court, alleges Ronaldo’s active involvement in the promotion and sale of unregistered securities in collaboration with Binance, leading to financial losses for investors.

Claims and Seeking Damages

Plaintiffs contend that Ronaldo’s endorsement influenced their investments, resulting in losses, and are pursuing damages exceeding $1 billion (Rs 8331 crore).

Ronaldo’s Association with Binance and NFT CollectionBinance introduced its “CR7” collection of non-fungible tokens (NFTs) in collaboration with Ronaldo in November 2022. The claimants assert a substantial increase in searches for Binance, leading to investments in what they term “unregistered securities,” including Binance’s BNB cryptocurrency.

FAQ: Cristiano Ronaldo’s $1 Billion Lawsuit Over Binance Cryptocurrency Endorsement

1. Why is Cristiano Ronaldo facing a lawsuit related to Binance?

Cristiano Ronaldo is facing a lawsuit over his endorsement of Binance, with allegations of active involvement in promoting and selling unregistered securities in collaboration with the cryptocurrency exchange.

2. Where was the lawsuit filed?

The lawsuit was filed in a US district court in Florida.

3. What claims are made by the plaintiffs in the lawsuit?

The plaintiffs claim that Ronaldo’s endorsement led to financial losses for investors, and they are seeking damages exceeding $1 billion.

4. What is the connection between Ronaldo and Binance’s non-fungible tokens (NFTs)?

Binance launched the “CR7” collection of NFTs in partnership with Ronaldo. The claimants argue that this collaboration resulted in increased searches for Binance and subsequent investments in what they term “unregistered securities.”

5. How is the lawsuit linked to the US Securities and Exchange Commission (SEC)?

The claimants allege that Ronaldo’s promotion of Binance caused a “500% increase in searches” for the crypto exchange, and investors used the platform for investing in what they consider “unregistered securities.” According to the SEC, assets like these can be treated as securities, necessitating compliance with US law when endorsed by celebrities.

6. What is the role of celebrities in endorsing investment opportunities, according to the SEC?

The SEC emphasizes that when celebrities endorse investment opportunities, including crypto-asset securities, investors should carefully research if the investments align with their interests. Celebrities endorsing such opportunities must adhere to US law.

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