BinanceLawsuit
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🇺🏛️ SEC to pursue Binance lawsuit despite DOJ settlement, alleges "Binance and former CEO Changpeng Zhao willfully violated U.S. law," as per Blockworks. 🤝📜 #SEC #BinanceLawsuit
Cristiano Ronaldo faces $1bn lawsuit over Binance ads.
Footballer Cristiano Ronaldo is facing a class action lawsuit in the US over his promotion of Binance, the largest cryptocurrency exchange in the world.
The plaintiffs claim his endorsement led them to make loss-making investments.
They are seeking damages of "a sum exceeding" $1bn (£790m).
The BBC has contacted both Ronaldo's management company and Binance for comment.
In November 2022, Binance announced its first "CR7" collection of non-fungible tokens (NFTs) in partnership with Ronaldo, which the footballer said would reward fans "for all the years of support".
NFTs are virtual assets that can be bought and sold, but which have no real-world form of their own - in other words they only exist digitally. Generally, they are used to mark ownership of something, such as a picture or video online.
"CR7" refers to Ronaldo's initials and shirt number, and is used as branding in a range of products, from footwear to fragrances, that have helped make him one of the wealthiest athletes on earth.
In a social media video announcing the partnership, Ronaldo told would-be investors "we are going to change the NFT game and take football to the next level".
The cheapest NFT from the collection was priced at $77 when it went on sale in November 2022 - but one year later, it was priced at about $1.
The claimants allege that Ronaldo's promotion of Binance led to a "500% increase in searches" for the crypto exchange, which is registered in the Cayman Islands.
They also say it led people to use the firm to invest in what they call "unregistered securities" - such as Binance's BNB cryptocurrency.
According to the US Securities and Exchanges Commission (SEC), these assets can be considered securities - and so celebrities endorsing them must follow US law.
#BinanceLawsuit #Binance #CR7 #NFTMarketplaceInnovation #lawsuit
$BNB $BTC $ETH
Footballer Cristiano Ronaldo is facing a class action lawsuit in the US over his promotion of Binance, the largest cryptocurrency exchange in the world.
The plaintiffs claim his endorsement led them to make loss-making investments.
They are seeking damages of "a sum exceeding" $1bn (£790m).
The BBC has contacted both Ronaldo's management company and Binance for comment.
In November 2022, Binance announced its first "CR7" collection of non-fungible tokens (NFTs) in partnership with Ronaldo, which the footballer said would reward fans "for all the years of support".
NFTs are virtual assets that can be bought and sold, but which have no real-world form of their own - in other words they only exist digitally. Generally, they are used to mark ownership of something, such as a picture or video online.
"CR7" refers to Ronaldo's initials and shirt number, and is used as branding in a range of products, from footwear to fragrances, that have helped make him one of the wealthiest athletes on earth.
In a social media video announcing the partnership, Ronaldo told would-be investors "we are going to change the NFT game and take football to the next level".
The cheapest NFT from the collection was priced at $77 when it went on sale in November 2022 - but one year later, it was priced at about $1.
The claimants allege that Ronaldo's promotion of Binance led to a "500% increase in searches" for the crypto exchange, which is registered in the Cayman Islands.
They also say it led people to use the firm to invest in what they call "unregistered securities" - such as Binance's BNB cryptocurrency.
According to the US Securities and Exchanges Commission (SEC), these assets can be considered securities - and so celebrities endorsing them must follow US law.
#BinanceLawsuit #Binance #CR7 #NFTMarketplaceInnovation #lawsuit
$BNB $BTC $ETH
"Binance Exclusively Opposes SEC's Move, Denying Connection to $4.3B DOJ Settlement"
Binance has filed a new motion opposing the SEC’s attempt to use the exchange’s $4.3 billion settlement with the DOJ to advance its ongoing litigation.
Read more on: https://thecryptobasic.com/2023/12/13/binance-opposes-sec-attempt-to-advance-ongoing-lawsuit-using-the-4-3b-settlement-with-doj/
#BinanceLawsuit #BNB🔥 #cryptocurreny #CryptoIsBetterWithBinance #CryptoNews🔒📰🚫
Read more on: https://thecryptobasic.com/2023/12/13/binance-opposes-sec-attempt-to-advance-ongoing-lawsuit-using-the-4-3b-settlement-with-doj/
#BinanceLawsuit #BNB🔥 #cryptocurreny #CryptoIsBetterWithBinance #CryptoNews🔒📰🚫
📢 Breaking News:
Cristiano Ronaldo Faces Class-Action Suit! Allegations suggest his promotion of Binance NFT collections may have involved unregistered securities.
Stay tuned for updates!
#cryptonews #Cristianoronaldo #BinanceLawsuit #CryptoPatel #altcoin
$BTC $BNB $SOL
Cristiano Ronaldo Faces Class-Action Suit! Allegations suggest his promotion of Binance NFT collections may have involved unregistered securities.
Stay tuned for updates!
#cryptonews #Cristianoronaldo #BinanceLawsuit #CryptoPatel #altcoin
$BTC $BNB $SOL
