Soccer Star Cristiano Ronaldo and Binance in Legal Crosshairs

By: Isha Das

A proposed class-action lawsuit is targeting football star Cristiano Ronaldo over his promotion of Binance, the cryptocurrency exchange facing numerous legal issues. The suit alleges that the player's promotion of Binance-enabled NFTs constitutes encouragement of investments in unregistered securities. In addition to this, Noah Perlman, Binance's chief compliance officer, is confronting allegations associated with the controversial Gemini exchange, bankrupt FTX, and convicted sex trafficker Jeffrey Epstein.

Documents submitted to a Florida District Court argue that Ronaldo actively participated in offering and selling unregistered securities in collaboration with Binance. Making use of Ronaldo's influence and staggering 850 million followers across multiple social platforms, Binance allegedly experienced a surge in popularity. This popularity was particularly noticeable, with searches for 'Binance' increasing by 500% following the initial sale of Ronaldo's NFTs.

While the football star is embroiled in this legal controversy, Changpeng Zhao, Binance's founder, faces his legal challenges. Zhao recently stepped down as Binance's CEO after a guilty plea that resulted in a whopping $4.3 billion settlement with the United States over money laundering accusations and operating an unregistered money-transmitting business. The former CEO could face up to 18 months in prison, and Binance has agreed to five years of Justice Department and Treasury compliance monitoring.

Binance’s chief compliance officer Noah Perlman is additionally facing allegations over his past associations, the implications of which could lead Binance into a deeper scandal. However, it is essential to note that these allegations remain unsubstantiated without official investigations by US authorities or global agencies.