-2.3 C
Sofia
Thursday, November 30, 2023

Cristiano Ronaldo “CR7” Grapples with $1B Lawsuit over Binance Endorsement

Soccer star Cristiano Ronaldo is entangled in a class-action lawsuit in the United States amounting to over $1 billion, involving his association with Binance. Plaintiffs have asserted that Ronaldo endorsed the
crypto exchange, leading them to incur financial losses.

According to a report by BBC, the lawsuit states 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.

The “CR7” NFT Collaboration

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 venture was marketed as a game-changer in the
NFT space. Ronaldo expressed intentions to revolutionize football through this
collaboration. However, the latest legal dispute has raised questions about the
responsibilities associated with celebrity endorsements in the fast-growing
cryptocurrency landscape.

— Cristiano Ronaldo (@Cristiano) October 11, 2023 ↗

Meanwhile, the Former CEO of Binance, Changpeng Zhao
(CZ), is facing a monumental legal battle against the US Department of Justice (DOJ) ↗ after admitting guilt in violating anti-money laundering laws. Earlier, the DOJ requested that CZ’s travel to the UAE be restricted. The federal court granted the request.

Binance and CZ under Fire

While the DOJ did not push for immediate incarceration, they opposed CZ’s departure from the US, citing concerns about a potential flight risk. CZ is facing a
possible sentence ranging between 18 months to 10 years. He has resigned as
Binance’s CEO in a settlement with the DOJ, which includes a bond agreement of
$175 million.

Simultaneously, Binance faces substantial penalties ↗
totaling $4.3 billion after pleading guilty to various charges. The settlement between the exchange and the DOJ includes a deal to exit the US market and appoint a new CEO. The
aftermath of the legal tussle has witnessed a significant outflow of Bitcoin reserves ↗ from Binance.

The crypto exchange is facing regulatory scrutiny for various violations involving 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 US standards.

Soccer star Cristiano Ronaldo is entangled in a class-action lawsuit in the United States amounting to over $1 billion, involving his association with Binance. Plaintiffs have asserted that Ronaldo endorsed the
crypto exchange, leading them to incur financial losses.

According to a report by BBC, the lawsuit states 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.

The “CR7” NFT Collaboration

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 venture was marketed as a game-changer in the
NFT space. Ronaldo expressed intentions to revolutionize football through this
collaboration. However, the latest legal dispute has raised questions about the
responsibilities associated with celebrity endorsements in the fast-growing
cryptocurrency landscape.

— Cristiano Ronaldo (@Cristiano) October 11, 2023 ↗

Meanwhile, the Former CEO of Binance, Changpeng Zhao
(CZ), is facing a monumental legal battle against the US Department of Justice (DOJ) ↗ after admitting guilt in violating anti-money laundering laws. Earlier, the DOJ requested that CZ’s travel to the UAE be restricted. The federal court granted the request.

Binance and CZ under Fire

While the DOJ did not push for immediate incarceration, they opposed CZ’s departure from the US, citing concerns about a potential flight risk. CZ is facing a
possible sentence ranging between 18 months to 10 years. He has resigned as
Binance’s CEO in a settlement with the DOJ, which includes a bond agreement of
$175 million.

Simultaneously, Binance faces substantial penalties ↗
totaling $4.3 billion after pleading guilty to various charges. The settlement between the exchange and the DOJ includes a deal to exit the US market and appoint a new CEO. The
aftermath of the legal tussle has witnessed a significant outflow of Bitcoin reserves ↗ from Binance.

The crypto exchange is facing regulatory scrutiny for various violations involving 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 US standards.

James Mackreides
James Mackreides
'Mac' is a short tempered former helicopter pilot , now a writer based in Sofia, Bulgaria. Loves dogs, the outdoors and staying far away from the ocean.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles