Renowned footballer Cristiano Ronaldo finds himself entangled in a class-action lawsuit as per recent reports. The plaintiffs—Michael Sizemore, Mikey Vongdara, and Gordon Lewis—allege suffering losses due to Ronaldo's endorsement of the exchange.

The lawsuit, filed by the aforementioned individuals, asserts that they, along with similarly affected consumers, purchased unregistered securities promoted or sold by Binance. They specifically target Cristiano Ronaldo, holding him accountable for promoting, aiding, or actively engaging in the sale of these unregistered securities in collaboration with Binance.

The legal filing contends, "Plaintiffs bring this Complaint on behalf of themselves and others in a similar position, who procured unregistered securities from Binance, against Defendant Cristiano Ronaldo, who endorsed, facilitated, or took part in the sale of unregistered securities in partnership with Binance."

Furthermore, the lawsuit highlights, "Binance's alignment with public figures like Ronaldo was evidently crafted to leverage the positive reputation associated with these celebrities, thus persuading consumers that Binance offered a secure platform for cryptocurrency transactions."

In mid-2022, Cristiano Ronaldo inked a long-term deal with Binance, wherein he committed to providing the exchange with spokesperson services and engaging in marketing endeavors. These services encompassed social media posts, promoting his exclusive NFT collection on Binance (marked as Ronaldo's inaugural NFT collection), and featuring in commercial advertisements, among other promotional activities.

Meanwhile, Binance's CEO, Changpeng Zhao, has emerged as a central figure in the cryptocurrency realm, yet recently faced significant turmoil. Zhao relinquished his role as CEO of Binance--acknowledged as the world's largest crypto exchange--after both he and the company pleaded guilty to extensive money laundering violations in the United States. As part of the resolution, they agreed to pay fines exceeding $4 billion.

The developments surrounding Ronaldo's involvement in promoting Binance's NFT offerings coincide with the broader regulatory challenges and controversies faced by prominent figures and entities within the crypto industry.

Binance Fined $4B, CEO Zhao Admits Negligence in Money Laundering