:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/elcomercio/5ISI5THWYNCAXD2CNQMRWT3OVM.jpg "Cristiano Ronaldo, Binance Cryptocurrency: Must Pay Billion | Sports | International Football")
Not everything in life is purpose, joy and celebration cristiano ronaldo. The Portuguese footballer is facing justice for his role in a major scam network that promoted Binance, the world’s largest exchange cryptocurrency company. The plaintiffs allege that his support led them to make investments that resulted in losses. In addition, they are asking for “more than” $1 billion (915 million euros) in compensation.
According to the BBC, Ronaldo and Binance announced the launch of NFT, a unique digital asset that can be bought and sold, under the CR7 brand.According to Cristiano, this is meant as a way to give back to the fans “Years of support”.The premise added to is “Changing the NFT world and taking football to the next level”as mentioned in the promotional video.
NFTs are virtual assets that can be bought and sold, but they have no real-world form of their own: they exist only in digital form. They’ll cost $77 when they launch in November 2022, but after the depreciation that all these types of products have experienced over the last year, their current price is barely worth mentioning.
Plaintiff claims Ronaldo’s promotion of Binance caused “Search volume increased by 500%” From a cryptocurrency exchange registered in the Cayman Islands. Furthermore, this all leads them to invest in the platform’s unregistered securities, such as its BNB cryptocurrency.
SEC Chairman Gary Gensler said “When celebrities endorse investment opportunities, including crypto-asset securities, investors should carefully investigate whether these investments are suitable for them, and they should know why the celebrity endorses these opportunities.”. The plaintiff claims Ronaldo should have disclosed his compensation, but he did not.
How much does Binance need to pay?
The lawsuit was filed after the U.S. Department of Justice sued Binance for more than $4 billion over money laundering charges. Sanctions evasion may have occurred with help from Iran and Russia. The company has also come under official scrutiny to verify whether it conducted transactions that helped finance Hamas.
Its founder, Changpeng Zhao, resigned last week after pleading guilty to violating the U.S. Bank Secrecy Act and accepting sanctions.
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