EddieJayonCrypto
30 Nov 23
In a surprising turn of events, soccer superstar Cristiano Ronaldo finds himself at the center of a $1 billion class action lawsuit in the U.S. The lawsuit stems from his promotion of a non-fungible token (NFT) collaboration with the cryptocurrency exchange Binance on various social media platforms....
In a surprising turn of events, soccer superstar Cristiano Ronaldo finds himself at the center of a $1 billion class action lawsuit in the U.S. The lawsuit stems from his promotion of a non-fungible token (NFT) collaboration with the cryptocurrency exchange Binance on various social media platforms. This partnership has raised questions about the role of celebrities in promoting cryptocurrency investments and has implications for the wider crypto market. Last week, Binance's founder and CEO Changpeng Zhao agreed to step down and pleaded guilty to violating U.S. anti-money laundering regulations, resulting in over $4.3 billion in fines as part of the settlement. The lawsuit, filed in the U.S. district court of Southern District of Florida, Miami Division, alleges that the partnership sought to solicit investors in Binance’s crypto-related securities, using Ronaldo's influence to convey a sense of safety and credibility to potential investors. This underscores the growing scrutiny of celebrity endorsements in the crypto space, with potential consequences for the industry at large.
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