đ¨Cristiano Ronaldo is being sued for promoting Binance
â Binance remains mired in legal cases this month, indirectly or not. This week, we learned that footballer Cristiano Ronaldo is being pursued by a group of investors. They accuse him of having promoted the platform, and of having made them lose money. What exactly is he accused of?
đ¨Cristiano Ronaldo sued for his ties to Binance
â In 2022, Binance signed a multi-year partnership with Cristiano Ronaldo. This allowed the footballer to promote his own non-fungible tokens (NFTs): three of his collections were available on the exchange platform. And it is this link which is criticized against Cristiano Ronaldo by the investors who are pursuing him.
â They believe that Cristiano Ronaldo promoted Binance in this way, and that after purchasing NFTs on the platform, they were more inclined to invest via other means... In particular via the derivative products promoted by Binance. However, according to them, these derivative products are securities, just like the BNB cryptocurrency.
â If this sounds familiar, it's normal: this is the accusation that the Securities and Exchange Commission (SEC) is leveling at many crypto companies for not having properly registered. It also has an ongoing case with Binance, separate from that which pitted the platform against the Ministry of Justice. This is therefore the theme of the moment in the United States, and trials of this type have been numerous.
đ¨An advertisement that would have misled investors, according to the prosecution
â According to investors, the promotion of Cristiano Ronaldo would have allowed the platform to benefit from new exposure. In the week following the footballer's announcement tweet, searches related to Binance increased by 500%. The prosecution also claims that Cristiano Ronaldo must have known what these âsecuritiesâ were, and that he therefore failed in his duty to protect investors. He would also not have confirmed that he had received a payment from Binance, although this is mandatory.
