Cristiano Ronaldo handed INR 8333 crore lawsuit for promoting unregulated securities - how did Ronaldo help Binance?

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Cristiano Ronaldo has been hit with a monumental lawsuit in USA over promoting an illegal crypto company based in the USA.

Cristiano Ronaldo is no stranger to the spotlight both on and off the soccer field. His high-profile endorsements and collaborations with leading companies have cemented his status as a prominent sports personality beyond his football career. However, his latest venture seems to have landed him in hot water.

Why Cristiano Ronaldo is being sued?

Cristiano Ronaldo has been hit with a reportedly $1 billion class-action lawsuit in USA as the plaintiffs have claimed losses from his promoted crypto agency Binance. The crypto named Binance was recently banned in the country and

As reported by Info Money, the celebrated Portuguese football star is being sued for his promotion of the Binance crypto firm. The lawsuit alleges that Ronaldo's promotional activities aided in the solicitation of investments in unregistered securities, urging his extend where fans invested in unregulated securities.

Binance has maintained a strong affiliation with the 38-year-old footballer, even appointing him as their brand ambassador in 2022. Following this announcement, the two entities have collaborated on numerous partnerships, with Ronaldo regularly appearing in ads for the firm.

What does the Lawsuit say?

The lawsuit on the current Al Nassr captain says Ronaldo knew or should have known "about Binance selling unregistered crypto securities," as he has "investment experience and vast resources to obtain outside advisers."

The lawsuit also accuses that Ronaldo "promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance."

Ronaldo has been handed a $1 billion worth lawsuit, which can be valued at INR 8333 crore.

How has Cristiano Ronaldo impacted Binance?

Binance tied a deal with the Portugal legend in the middle period of 2022 and since has been promoting their Nonfungible Tokens (NFTs) associated with Cristiano Ronaldo.

The complaint says users signing up for Ronaldo's NFTs had to use Binance for investing in unregulated securities, Binance's own crypto programmes.

It also says Cristiano Ronaldo's involvement saw a 500% hike in the search for Binance and the association was a major boost for the agency.

It is to be seen how Cristiano Ronaldo escapes this muddle as the Binance founder Changpeng Zhao has stepped down and may face 18-month prison sentence.