Five-time Ballon d’Or winner Cristiano Ronaldo has gotten himself into a serious mess with his promotions for Binance.
Binance customers are suing Ronaldo for $1 billion in damages for promoting the cryptocurrency exchange.
Portuguese forward, Cristiano Ronaldo has joined the list of celebrities to be sued for promoting a crypto exchange platform.
Binance Customers Sue Ronaldo $1bn For Damage
Ronaldo is facing a class action lawsuit from Binance customers, seeking $1 billion in damages.
The Al Nassr striker, did promotions for Binance, a fraudulent cryptocurrency exchange that violated Bank Secrecy Act.
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Binance, paid over $4 billion in penalties and restitution after settling with the federal government on November 21.
Attorney General Merrick Garland said “using new technology to break the law does not make you a disruptor, it makes you a criminal.”
The settlement also forced Binance founder Changpeng Zhao, to step down from his role as CEO and pay a fine of $53 million.
Binance Used Ronaldo’s Celebrity Status For Fraud
The lawsuit against Ronaldo, one of the company’s largest spokespeople, was filed less than a week after the settlement was announced.
“Evidence reveals that Binance’s fraud was only able to reach such heights through the offer and sale of unregistered securities.
“This fraud was achieved with help and assistance from some of the wealthiest, most powerful, and celebrities across the globe.”
The plaintiffs alleged in a criminal complaint obtained by Forbes.
“Binance used Ronaldo’s positive reputation to convince customers that Binance was a safe place to buy and sell cryptocurrency.”
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However, Ronaldo is only the latest celebrity to face legal issues for promoting cryptocurrency projects.
In October 2022, Kim Kardashian was fined $1.26 million for promoting EthereumMax, a token in a pump-and-dump scheme.
Here are a few notable celebrities who have been sued in 2023, for promoting FTX, the exchange founded by convicted fraudster Sam Bankman-Fried.
We have Tom Brady, Larry David, and Steph Curry among others.