A recent lawsuit filed against Portuguese football star Cristiano Ronaldo in a Florida court alleges his involvement in promoting unregistered securities in collaboration with cryptocurrency exchange Binance, as reported by CNN.

The plaintiffs behind the lawsuit are seeking $1 billion from Ronaldo. However, legal representative Gemma Fitzwood has indicated that a settlement of $750,000 could potentially resolve the matter outside of court proceedings.

The legal scrutiny follows Ronaldo’s collaboration with Binance in the summer of 2022, where he endorsed several collections of non-fungible tokens (NFTs).

Binance has faced legal challenges lately, with its founder and CEO, Changpeng Zhao, admitting non-compliance with anti-money laundering (AML) regulations and banking secrecy laws (BSA). As a consequence, Binance is now obligated to pay over $4 billion to U.S. regulators.

Last updated on 01 Dec 2023 - 21:54

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