The collaboration between Binance and Cristano Ronaldo could well turn against the football player with the class action that is filed against him.
Binance currently doesn’t have the best picture. The world’s number 1 cryptocurrency platform is facing increasing problems in the United States. Because if it was finally able to obtain a (costly) agreement with the American justice system, which notably led to the withdrawal of its boss Changpeng Zhao, it is other aspects of its operations which are today in the spotlight. Which will reflect on the footballer Cristiano Ronaldo.
More than a billion dollars in compensation requested
What if Ronaldo went to court because of cryptocurrencies? This is what could well happen with this class action which has just been launched in the United States. The plaintiffs are in fact demanding more than a billion dollars from the world star, in compensation for losses suffered due to him.
The heart of the matter lies in a collaboration between Binance and Cristiano Ronaldo, who together launched the CR7 NFTs in November 2022 (nickname of the day linked to his initials and his favorite number). NFTs whose price has collapsed in one year. As noted by the BBCthe cheapest NFT in the collection cost $77 when it was released, and today is around $1.
Cristiano Ronaldo would not have respected American law
The plaintiffs explain that Cristiano Ronaldo would not have been transparent about the remuneration received from Binance for this operation, which would contravene the rules established by the United States in the field.
At the start of the year, the head of the Securities and Exchange Commission (SEC) Gary Gensler explained that celebrities must “ disclose to the public by whom and how much they are paid to promote investment in securities. » A statement made in the case of Paul Pierce, a former basketball player who was fined $1.4 million for promoting the cryptocurrency EthereumMAX without revealing his conflicts of interest.
Source : BBC
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