Cristiano Ronaldo hit with class action lawsuit for promoting Binance and unregistered securities

On November 29th, it was reported that professional football star Cristiano Ronaldo is facing a class-action lawsuit from plaintiffs who claim to have suffered losses due to his promotion of the cryptocurrency exchange Binance. The plaintiffs allege that Ronaldo "coordinated with Binance to promote, facilitate, and/or actively participate in the issuance and sale of unregistered securities."

The plaintiffs claim that users who registered Ronaldo's NFT are more likely to invest in unregistered securities through Binance, including Binance's BNB and its crypto yield program. Binance established a years-long partnership with Ronaldo in mid-2022 to promote his own series of NFTs, at least three of which are related to Binance.