A class action lawsuit filed in Florida on Thursday seeks over $1 billion in damages from international soccer star Cristiano Ronaldo for his role in promoting the cryptocurrency exchange Binance.

The lawsuit alleges that Binance sold unregistered securities and operated illegally in the United States. It claims Ronaldo lent his celebrity to hype investments, driving traffic and investors to the platform.

“The binding law… across the country, regarding mass promotion of cryptocurrency and unregistered securities. was recently clarified and reversed,” wrote plaintiffs’ attorney Adam Moskowitz. He argued that under the new standards, “promoters like Cristiano Ronaldo, with a financial incentive for themselves or for the financial benefit of the securities issuer (Binance), can be held liable under securities laws for using the internet and social media for mass solicitations of cryptocurrency.”

The lawsuit cites Binance’s extensive alleged violations, including operating an unregistered exchange and clearing agency, failing to file suspicious activity reports, and not implementing anti-money laundering controls. Earlier in November, Binance paid over $4 billion in penalties related to these activities.

The plaintiffs meanwhile argue that Ronaldo benefited financially from driving traffic to Binance and s

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Author: Decrypt Staff

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