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Published November 29, 20232 min read

The Coinmooner Team Gathers Information on Events Involving Ronaldo and Binance, Including Legal Actions

CoinMooner Team

A group lawsuit has been filed against Cristiano. Cristiano Ronaldo is a Portuguese football player, striker, captain of the Saudi club "Al-Nassr," and the Portugal national team. He's a European champion and is considered one of the greatest football players of all time. Investors Michael Sizemore, Mike Wongdara, and Gordon Lewis, represented by the plaintiff, claim that Cristiano Ronaldo's endorsement of the Binance cryptocurrency exchange played a significant role in causing financial losses for investors. The main accusation revolves around Ronaldo actively promoting and participating in the sale of what the lawsuit alleges are unregistered securities on the Binance platform. Some time ago, Ronaldo joined forces with Binance to promote his amazing digital assets known as NFTs. These virtual items, representing unique ownership rights, are closely connected to the Binance ecosystem. According to information about the collaboration, Binance aimed to attract new participants by leveraging Ronaldo's popularity and influence.

Ronaldo's stance, backed by an impressive social media following estimated at 850 million people, is mentioned in the legal documents. It is claimed that Ronaldo, with his investment experience and extensive resources, either foresaw or should have foreseen the sale of unregistered cryptocurrency assets on Binance. The plaintiffs claim that he had access to external advisory opinions but did not disclose important information to his followers. According to the plaintiffs, Ronaldo ignored SEC recommendations cautioning celebrities to disclose compensation for cryptocurrency endorsements. As part of the legal proceedings, three specific NFT collections related to Ronaldo and Binance are mentioned. This highlights the connection between these NFT sales and an increase in activity using Binance for other financial transactions.

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Let's recall that Binance and its former CEO Changpeng "CZ" Zhao pleaded guilty, including charges of money laundering. Gary Gensler, the chairman of the SEC, accused Zhao and Binance of participating in a network of deception, conflicts of interest, lack of disclosure, and intentional evasion of the law.

The connection between the sales of these digital assets and activity on Binance is not just catching the public's eye but is also a hot topic among experts. Currently, the global cryptocurrency space is closely watching the situation surrounding the Binance exchange. This issue has sparked a wide range of opinions, taking various factors into account.

Former CEO of the BitMEXcryptocurrency exchange, Arthur Hayes, added his perspective to the discussion, defending Changpeng Zhao and expressing his views on the unequal legal judgments for mistakes made by banks and the Binancecryptocurrency exchange. He highlighted unique cases and even drew parallels with the Great Depression of the 1930s. This situation is actively discussed in the community, drawing attention to issues of fairness and differences in treatment between cryptocurrency platforms and traditional financial institutions.

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