Cristiano Ronaldo sued over Binance promotion, faces lawsuit

Famous Portuguese football player Cristiano Ronaldo is embroiled in legal troubles as he faces lawsuits over his association with cryptocurrency exchange Binance, GOAL reported. The 38-year-old star, who is currently in a deal with Al-Nassr, is the target of a class action lawsuit brought by plaintiffs Michael Sizemore, Mikey Vongdara and Gordon Lewis.

According to Coin Telegraph, these individuals claimed that Ronaldo caused huge financial losses by promoting Binance, a controversial cryptocurrency platform. In 2022, Binance entered into a multi-year deal with Ronaldo, seeking to leverage his global appeal to back a range of non-fungible tokens (NFTs). The lawsuit alleges that users who signed up through Ronaldo’s promotions were more likely to engage in activities on Binance, including investing in so-called “unregistered securities.”

The legal document, filed with the U.S. District Court for the District of Florida on November 27, alleges that Ronaldo’s promotions actively encouraged investment in securities that lacked proper registration, affecting the participation of millions of his fans on the Binance platform.

The legal action further contends that given Ronaldo’s investment acumen and extensive resources, he should have known about Binance’s practices. While the legal proceedings unfold, Ronaldo must turn his attention to on-field duties as Al Nasr prepares to face Al Hilal on Friday night.

Cristiano Ronaldo’s side currently sit second in the Saudi Professional League and will aim to close the four-point gap with wins over their upcoming opponents. Football maestro Ronaldo struggles to succeed on the football pitch in a crucial upcoming match while navigating complex legal scrutiny.