Portuguese football icon Cristiano Ronaldo is currently entangled in a legal battle, with a lawsuit demanding damages exceeding $1 billion (£790m) for his association with Binance, the world’s largest cryptocurrency exchange.
The legal complaint alleges Ronaldo’s complicity in the offer and sale of unregistered securities, accusing him of playing a role in coordinating these activities with Binance. The footballer entered a partnership with Binance in 2022 to promote his non-fungible tokens (NFTs), which later became linked with the cryptocurrency exchange.
The lawsuit contends that individuals who engaged with Ronaldo’s NFTs were more inclined to use the Binance platform for other purposes, including investments in unregistered securities. It argues that Ronaldo, given his financial acumen and resources, should have been aware of Binance’s involvement in selling unregistered crypto securities.
This legal development follows the recent guilty plea of former Binance CEO Changpeng Zhao, who admitted to causing the global cryptocurrency exchange to fail in maintaining an effective anti-money laundering program. Binance faced serious allegations of violating anti-money laundering and sanctions laws, as well as neglecting to report suspicious transactions involving organizations classified as terrorist groups by the US.
As part of a plea deal, Binance agreed to a substantial payment of over $4.3 billion, while Zhao accepted a $150 million penalty from the US Commodity Futures Trading Commission. Zhao, facing up to 18 months in prison, is currently prohibited from leaving the United States until his sentencing hearing in February. The ongoing lawsuit against Ronaldo adds another layer to the legal challenges faced by those associated with Binance.
