Cristiano Ronaldo, the Portuguese football legend, is being sued for his endorsement of Binance, the world’s largest cryptocurrency exchange. Ronaldo sued for promoting Binance cryptocurrency exchange. According to the complaint, Ronaldo participated in the offer and sale of unregistered securities in collaboration with Binance. In 2022, the player partnered with Binance to market his own non-fungible tokens (NFTs), which became affiliated with the exchange.
Ronaldo sued for promoting Binance cryptocurrency exchange
It is stated that users who signed up for Ronaldo’s NFTs are more inclined to utilize the exchange for other purposes, such as investing in unregistered securities. According to the lawsuit, Ronaldo, with his investment skills and resources, should have been aware of Binance’s sale of unregistered crypto assets. Changpeng Zhao, the former CEO of Binance, has pleaded guilty to causing the global cryptocurrency exchange to fail.
Changpeng Zhao, the former CEO of Binance, has pled guilty to causing the global cryptocurrency exchange to fail to maintain an adequate anti-money laundering policy. Binance was accused of violating anti-money laundering and sanctions regulations, as well as failing to report suspected transactions with US-designated terrorist organizations like as Hamas, al Qaeda, and the Islamic State of Iraq and Syria.
Binance agreed to pay approximately $4.3 billion as part of a plea agreement, while Zhao agreed to pay a $150 million penalty to the US Commodity Futures Trading Commission. Zhao faces up to 18 months in prison, and a federal judge in the United States has ruled that he cannot leave the country until his sentence hearing in February.
