Cristiano Ronaldo in spotlight: Alleged cryptocurrency scam

football curiosity

The Portuguese will be investigated by US authorities over his controversial business.

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Cristiano Ronaldo has been in the news for Al Nasr for his stellar performances, but now he’s in the news for an alleged million-dollar scam.

The Portuguese may be involved in a scandal involving alleged fraud at Binance, a company that promotes cryptocurrencies, according to the BBC.

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According to sources, the star football player may face lawsuits in the U.S. state of Florida for “facilitating, assisting and/or participating in the purchase and sale of unregistered securities in coordination with Binance.”

SEC Chairman Gary Gensler explained the case: “When celebrities endorse investment opportunities, including crypto-asset securities, investors should carefully investigate whether these investments are suitable for them and should know why these investments are suitable for them. .Celebrities endorse these opportunities.”

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Cristiano Ronaldo may face legal issues as he launched his first cryptocurrency token on Binance, one of the world’s largest cryptocurrency exchanges, in 2022, the BBC explains.

The problem is that, in the ad campaign in which he was involved, Cristiano himself offered to “reward fans for supporting him” by purchasing cryptocurrency, a form of virtual “asset” that has no backing and does not exist in real life .