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Soccer player Cristiano Ronaldo is looking at a $1B class action lawsuit in the U.S. as he promoted his non-fungible token (NFT) collaboration with cryptocurrency exchange Binance on social media platforms.
Last week, Binance’s founder and CEO Changpeng Zhao agreed to step down and pled guilty to violating criminal U.S. anti-money laundering requirements.
Binance also agreed to pay fines of over $4.3B as part of the settlements.
The lawsuit, which was filed in the U.S. district court of Southern District of Florida, Miami Division, claims the overarching objective of the partnership was for the former Manchester United player, through a series of promotions and media posts, to help Binance successfully solicit or attempt to solicit investors in Binance’s crypto-related securities from Florida and nationwide.
“Binance’s partnership with celebrities like Ronaldo was clearly designed to use the positive reputation associated with specific celebrities to convince consumers that Binance was a safe place to buy and sell cryptocurrency,” the lawsuit noted.
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