Football superstar Cristiano Ronaldo is facing a lawsuit for $1 billion over his reportedly illegal involvement with the leading crypto exchange, Binance. On November 27, plaintiffs Michael Sizemore, Mikey Vongdara, and Gordon Lewis accused the most followed social media footballer of utilizing his influence to aid Binance in promoting and offering unregistered securities. Filed in a US District Court in Florida, the lawsuit maintained that Ronaldo’s multiyear NFT collection partnership with Binance caused investors to flock to the trading system, making use of it to purchase unregistered items such as SOL, BNB, ADA, MATIC, and many more. Ronaldo allegedly further mobilized public interest through advertisements on Instagram and X (formerly Twitter), leading to a 500% leap in searches zooming in on ‘Binance’. Holding him responsible for their own individual losses, the plaintiffs seek the award-winning celebrity football player to remunerate direct and compensatory damages as well as return his financial rewards received from the unethical collaborations. This is not Binance’s only strife; a short time ago, the company agreed to a monumental $4.3 billion settlement with the US Department of Justice (DOJ) – with Changpeng Zhao, Binance’s leader, admitting guilt to anti-money laundering offenses, rendering him up to 18 months in jail as his probable conclusion. Furthermore, a verdict served by the court stops CZ from departing to the UAE for the time being until the sentencing begins on February 23.
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