Professional soccer player Cristiano Ronaldo is facing a potential class-action lawsuit for his involvement in promoting Binance.
Court documents filed on November 27 in a Florida district court allege that Ronaldo “promoted, assisted, and actively participated” in the selling of unregistered securities through Binance.
In 2022, Binance entered into a multiyear partnership with Ronaldo to promote his non-fungible token (NFT) collections.
These collections were tied to Binance and the complaint claims that users who purchased Ronaldo’s NFTs were more likely to also invest in other allegedly unregistered securities offered by Binance, such as its BNB token and crypto yield programs.
According to the complaint, Ronaldo’s promotions encouraged his millions of followers, fans, and supporters to invest with Binance, thus aiding the exchange in soliciting investments in unregistered securities.