• "High-Stakes Lawsuit: Cristiano Ronaldo Faces $1 Billion Legal Battle Over Crypto Promotion with Binance"

  • Dec 3 2023
  • Length: 5 mins
  • Podcast

"High-Stakes Lawsuit: Cristiano Ronaldo Faces $1 Billion Legal Battle Over Crypto Promotion with Binance"

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  • Summary

  • Soccer superstar Cristiano Ronaldo is facing a massive $1 billion class action lawsuit for his involvement in promoting Binance, the world's largest cryptocurrency exchange. The lawsuit alleges that Ronaldo played a role in selling unregistered securities, including non-fungible tokens (NFTs), which resulted in substantial losses for investors. Both Binance and Ronaldo are accused of deceptive practices and failure to disclose compensation details. Celebrities endorsing cryptocurrencies have faced similar lawsuits in the past, emphasizing the need for transparency in such endorsements.In addition to the Ronaldo controversy, Binance has been in the spotlight for agreeing to pay over $4 billion in fines and penalties following an investigation into its facilitation of illicit activities on its platform, ultimately leading to its founder, Changpeng Zhao, stepping down as CEO and facing potential legal consequences.
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