Al Nassr Star Cristiano Ronaldo In Trouble For Promoting Crypto Exchange Binance – Reports

New Delhi: Portuguese footballer superstar Cristiano Ronaldo has been reportedly sued in the United States after plaintiffs alleged that they suffered huge losses following Al Nassr’s promotion of crypto exchange Binance, reports suggested. A filing in the US District court on November 27 in Florida stated Ronaldo ‘promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance’ according to cointelegraph.com.

Based on reports, Ronaldo signed up with Binance in June, last year. The agreement between Ronaldo and Binance was to promote NFTs (non-fungible tokens) with three of his collections tied to the company.

The 38-year-old former Manchester United, Real Madrid and Juventus star played a major role in Binance’s growth due to his popularity and reach. The complaint allege that Ronaldo’s NFT’s were highly successful in promoting the exchange that saw a rise of 500 per cent increase in searches for Binance.

Cooking something up with @binance https://t.co/FMAP5GAdxE

— Cristiano Ronaldo (@Cristiano) November 28, 2023

The complaint also claimed that Ronaldo didn’t respond to disclose the payments received for promoting cryptocurrencies which is in US Securities and Exchange Commission (SEC) guidance. The suit stated that Ronaldo knew or should have known about ‘Binance selling unregistered crypto securities’, as the footballer has ‘investment experience and vast resources to obtain outside advisers’.

What is Cryptocurency?

It is a digital form of currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.