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At a time when the legal disputes between Binance and U.S. regulators are gradually settling, Cristiano Ronaldo (Cristiano Ronaldo) has found himself in another controversy. This Monday, investors collectively filed a lawsuit against Ronaldo, accusing him of causing losses to investors by promoting Binance, with the charge of 'promoting unregistered securities' becoming the focal point of this legal dispute.
The collective lawsuit was initiated by Michael Sizemore, Mikey Vongdara, and Gordon Lewis. They filed the lawsuit in the Florida State Court, seeking damages and legal fees. The accusations primarily focus on Ronaldo's collaboration with Binance, alleging that he facilitated and actively participated in the issuance and sale of unregistered securities. As an individual with extensive investment experience and substantial resources, Ronaldo should have been aware, or at least should have known, that Binance was selling unregistered cryptocurrency securities. Ronaldo had previously established a long-term exclusive partnership with Binance, jointly launching a series of Ronaldo NFTs. The lawsuit documents mention that Ronaldo's 850 million social media followers played a significant role in promoting Binance's visibility.
The lawsuit contends that Ronaldo's NFT sales achieved significant success in promoting Binance. In the week following the initial sale, keyword searches related to Binance increased fivefold, and users who purchased Ronaldo's NFTs were more likely to use Binance for investments in unregistered securities, including Binance's platform token BNB and crypto yield plans. The lawsuit also references guidance from the U.S. Securities and Exchange Commission (SEC), which explicitly states that celebrities need to publicly disclose the compensation they receive for promoting cryptocurrencies. However, the lawsuit alleges that Ronaldo failed to fulfill this requirement, thereby violating relevant regulations.
Ronaldo recently completed an advertising shoot with Binance, and the official account stated that they were preparing something together. However, this news seems to have come too late. The collective lawsuit deepens Binance's legal troubles in the United States, although its recent settlement agreements with the Department of Justice, CFTC, OFAC, and FinCEN did not involve disputes with the SEC. Moreover, NBA star Jimmy Butler was previously listed as a plaintiff in a collective lawsuit against Binance, revealing the legal risks behind Binance's endorsements with celebrities. |
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Post time 16-12-2023 06:42:00