First modification:
The plaintiffs point to the soccer superstar for promoting “and actively assisting in the offer and sale of unregistered securities” on the Binance cryptocurrency exchange platform. They claimed that, only with Ronaldo’s publications, they suffered losses and also pointed out the application for not having taken adequate measures against money laundering.
The 38-year-old Portuguese soccer player is embroiled in a legal dispute that will likely bring him to account before the Florida District Court and the United States Securities Exchange Commission (SEC).
Michael Sizemore, Mikey Vongdara and Gordon Lewis were responsible for submitting the lawsuit to the authorities, alleging economic damage after Ronaldo’s connection to the Chinese platform.
They seek to have several million in funds restored through the judicial process to cover legal fees, as well as payment for “damages” after the player’s actions.
The lawsuit also alleges that the footballer was aware or at least “should have known about the sale of unregistered crypto-securities by Binance,” due to his ability to access external advisors on the matter.
In 2022, Binance announced a multi-year agreement with Ronaldo, in an attempt to promote a series of its own non-fungible tokens (NFT), however, with this precedent, within the complaint it is stated that users registered through Ronaldo’s guideline, they were “more likely to use Binance for other alternative reasons, such as investing in so-called unregistered securities,” including Binance’s BNB and its cryptocurrency yield programs.
Separately, the SEC has also sued Binance, alleging, among other charges, that it sold unregistered securities, in addition to allegedly improperly taking some of its clients’ funds.
Binance CEO resigns and pleads guilty to violating US securities laws
Meanwhile, the cryptocurrency giant’s former boss, Changpeng Zhao, pleaded guilty to violating US anti-money laundering laws and must remain temporarily in the United States pending a court decision. Zhao, 46, faces several years in prison.
The sentence has not yet been handed down.
With local media
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