TechFlow reports that Portuguese football superstar Cristiano Ronaldo is facing a class-action lawsuit alleging his promotion of unregistered securities on Binance. The lawsuit was filed in the U.S. District Court for the Southern District of Florida.
The complaint alleges that Ronaldo conducted a "continuous and aggressive" promotional campaign for Binance, describing these promotions as "fraudulent and illegal."
The plaintiffs claim Ronaldo knowingly or unknowingly aided Binance in its alleged fraudulent activities by encouraging his millions of followers to invest through the Binance platform, resulting in their financial losses. The lawsuit comes amid Binance's criminal settlement with the U.S. Department of Justice, in which it agreed to pay a $4.3 billion penalty.
Ronaldo has been served with a court summons requiring him to respond to the complaint within 21 days.
