Image Credit: Mehrdad Esfahani/SNN
Portuguese football sensation Cristiano Ronaldo is entangled in a class-action lawsuit in the United States, accused of causing financial losses to investors who followed his promotion of Binance, the world's largest cryptocurrency exchange.
The plaintiffs are seeking damages exceeding $1 billion, contending that Ronaldo's endorsement prompted a "500% increase in searches" for Binance, leading to investments in what they claim are "unregistered securities." Allegedly, Ronaldo failed to disclose the compensation he received for endorsing Binance, violating US Securities and Exchanges Commission guidelines.
The lawsuit comes amidst a broader crackdown on celebrities endorsing crypto-assets, highlighting the evolving challenges in this financial landscape. Ronaldo and Binance have not yet responded to requests for comment.
