Soccer star Cristiano Ronaldo is entangled in a
class action lawsuit amounting to over $1 billion in the United States, involving
his association with Binance. Plaintiffs have asserted that Ronaldo endorsed the
crypto exchange leading to financial losses.
According to a report by BBC, the lawsuit contest
that Ronaldo’s promotional activities influenced individuals to engage in
investments that eventually turned out to be unprofitable. The plaintiffs in
this matter are seeking compensation surpassing $1 billion.
Ronaldo’s collaboration with Binance gained attention
in November 2022 when the exchange unveiled its inaugural “CR7”
collection of non-fungible tokens (NFTs). This partnership aimed to reward
Ronaldo’s fans for their unwavering support, using NFTs which are digital
assets representing ownership of online content.
The NFT venture was marketed as a game-changer in the
NFT space. Ronaldo expressed intentions to revolutionize football through this
collaboration. This legal dispute has raised pertinent questions about the
responsibilities associated with celebrity endorsements in the fast-growing
cryptocurrency landscape.
Myself and #Binance are giving away 50,000 free surprises!
And one lucky winner will win the golden ticket – a trip to train with me in person.
Head over to #Binance to claim your free CR7 ForeverZone Box
Get involvedhttps://t.co/1cl21YjQeJ pic.twitter.com/DVlzWhbEMH
— Cristiano Ronaldo (@Cristiano) October 11, 2023
Meanwhile, the Former CEO of Binance, Changpeng Zhao
(CZ), is grappling with a monumental legal battle against the US Department of Justice (DOJ) after admitting guilt in violating anti-money laundering laws. Earlier,
the DOJ requested to restrict CZ’s travel to the UAE. The request was was
granted by the federal court.
Binance and CZ under Fire
While the DOJ did not pushed for immediate
incarceration, they oppose CZ’s departure from the US, citing concerns about
potential flight risk due to the severity of sentencing. CZ is facing a
potential sentence ranging between 18 months to 10 years. He has resigned as
Binance’s CEO in a settlement with the DOJ, which include a bond agreement of
$175 million.
Simultaneously, Binance faces substantial penalties
totaling $4.3 billion after pleading guilty to various charges. The settlement
with the DOJ include a deal to exit the US market and appoint a new CEO. The
aftermath of the legal tussle witnessed a significant outflow of Bitcoin reserves from Binance.
The crypto exchange is facing regulatory scrutiny for
various violations, including lapses in the Bank Secrecy Act and
anti-money-laundering regulations. Binance has appointed Richard Teng as the
new CEO as part of its commitment to comply with the US standards.
Soccer star Cristiano Ronaldo is entangled in a
class action lawsuit amounting to over $1 billion in the United States, involving
his association with Binance. Plaintiffs have asserted that Ronaldo endorsed the
crypto exchange leading to financial losses.
According to a report by BBC, the lawsuit contest
that Ronaldo’s promotional activities influenced individuals to engage in
investments that eventually turned out to be unprofitable. The plaintiffs in
this matter are seeking compensation surpassing $1 billion.
Ronaldo’s collaboration with Binance gained attention
in November 2022 when the exchange unveiled its inaugural “CR7”
collection of non-fungible tokens (NFTs). This partnership aimed to reward
Ronaldo’s fans for their unwavering support, using NFTs which are digital
assets representing ownership of online content.
The NFT venture was marketed as a game-changer in the
NFT space. Ronaldo expressed intentions to revolutionize football through this
collaboration. This legal dispute has raised pertinent questions about the
responsibilities associated with celebrity endorsements in the fast-growing
cryptocurrency landscape.
Myself and #Binance are giving away 50,000 free surprises!
And one lucky winner will win the golden ticket – a trip to train with me in person.
Head over to #Binance to claim your free CR7 ForeverZone Box
Get involvedhttps://t.co/1cl21YjQeJ pic.twitter.com/DVlzWhbEMH
— Cristiano Ronaldo (@Cristiano) October 11, 2023
Meanwhile, the Former CEO of Binance, Changpeng Zhao
(CZ), is grappling with a monumental legal battle against the US Department of Justice (DOJ) after admitting guilt in violating anti-money laundering laws. Earlier,
the DOJ requested to restrict CZ’s travel to the UAE. The request was was
granted by the federal court.
Binance and CZ under Fire
While the DOJ did not pushed for immediate
incarceration, they oppose CZ’s departure from the US, citing concerns about
potential flight risk due to the severity of sentencing. CZ is facing a
potential sentence ranging between 18 months to 10 years. He has resigned as
Binance’s CEO in a settlement with the DOJ, which include a bond agreement of
$175 million.
Simultaneously, Binance faces substantial penalties
totaling $4.3 billion after pleading guilty to various charges. The settlement
with the DOJ include a deal to exit the US market and appoint a new CEO. The
aftermath of the legal tussle witnessed a significant outflow of Bitcoin reserves from Binance.
The crypto exchange is facing regulatory scrutiny for
various violations, including lapses in the Bank Secrecy Act and
anti-money-laundering regulations. Binance has appointed Richard Teng as the
new CEO as part of its commitment to comply with the US standards.
