Bitcoin Forum

Lots of news recently involving Binance. This is not great for the community as not only a popular celebrity is involve but billions of dollars are involve which is a significant amount of money.


What's do you think is the implication of this news (not this only), is it the end of Binance, or this is just a trial that will make Binance stronger?

Source :
https://www.forbes.com/sites/zacharyfolk/2023/11/29/cristiano-ronaldo-faces-1-billion-class-action-lawsuit-for-promoting-binance/?sh=687a038664d1

That's bullshit. First of all, Binance did not lose anyone's money. Second, anyone who did lose money lost it by making bad trades. What, we're going to start blaming athletes and other celeberties when we go all in on some worthless token that eventually falls back to earth?

Binance probably doesn't have anything to worry about.

i call BS too

binance did not do the same things FTX done.

ronaldo is being sued for over pricing an NFT...technically all NFT are over priced and everyone should have buyers remorse

after all toilet paper was sold on the streets between neighbours at 5X retail price in 2020

I get that it's on Ronaldo who is at the hot seat here, but my concern is indirectly related to this. You know, just recently, CZ got arrested and will have an agreement (settlement) with the US governmnet to pay billions just to stay free, so it's really alarming that Binance has been recently involve on legal problems which could be a sign that it might go down soon (God Forbib).

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key facts BTW.

I think this word "partnering" with Binance will drag binance name to this.

They have something to worry about, as much as this is a BS in our perspective but to me, I can't help to think that this is clearly an attack against Binance, I mean why is this class action lawsuit just happening now? Ronaldo have been promoting Binance for about a year now, how come this just happened now? They're not letting Binance catch a break, it seems that the upcoming competition that's waiting the ETF approval are trying to make sure their path is properly paved.

This is total bullshit, his lawyers will kill them in court and they will counter sue them for defamation of character. How on earth would he have known the largest Crypto currency Exchange in the world were involved with crime at the time of signing their contract?

Yes, if he knowingly signed with a company that was known to be linked to crime, they would have had a case... but they are just grabbing at straws. It is obvious that these people are just targeting rich individuals to make some easy money.

Greedy people .... targeting rich people!

We know that Binance failed to comply with regulations regarding money laundering, etc., which resulted in their service being subject to fines from the SEC for these violations. However, as far as I know, Binance is very cooperative and willing to pay fines for these violations, even CZ has resigned from his position as CEO. So now what more do these authorities want? to the point where they want to attack Ronaldo for promoting Binance. Do they think Binance is a fraudulent investment? or illegal company? it's very funny to see these boomers attacking Binance and the people who promote it.

In my country, I can see trading platform ads like OctaFX ads everywhere online. Google is advertising many of them. The worse is that all the ads are about people making millions from the trading apps but in reality it is not like that. Why ain't those sued? NFT is something that is just not real but people are buying and selling it. Why won't they lose.

First, you might want to move this topic to the Exchange section as it's not directly Bitcoin-related.

What has my guy done this time??? Enemies!!!

Well, if this is real, the kind of lawsuit like this is baseless in our society, it's another one from foolish persons who want to waste money. Ordinarily, if hired a qualified and sincere lawyer, the lawyer would have advised them against it because it wouldn't see the light of day. This is just like the case of those who sued Elon Musk for his activities related to Dogecoin, have you heard anything about it again? Elon Musk's case is even worse than that of C. Ronaldo, so it can't see the light of the day.

Come to think of it, Binance is a business, not only that, it's a registered and somewhat regulated business. How is promoting a business an issue? Binance is not the first business that would be fined and still being promoted, slapping a fine on a business doesn't mean the businesses must collapse, and once the penalty has been reached, it's all gone.

A mere file to disregard the suit is enough to win it. And don't be surprised that some rivals could be behind all this to pull Binance down, regardless, this lawsuit is baseless. A company should not promote their service because of a fine? I can't even imagine it.

Tho I believe $1B is easy money for Ronaldo, but this is a class action anyway, and to be honest I think the claim is quite ridiculous, Ronaldo will most likely win the class action, he just advertise Binance in general and Binance now has become a multi-activity platform. Ronaldo doesn't specifically encouraging people to invest in a certain crypto.

For obvious reason mate, the government are targetting the company or people who can pay, Ronaldo's net worth is very public and they know he can pay in case he lose on the lawsuit charge to him. However, this is ridiculous, right? You can see how unfair the government are as what they are doing is some kind of selective justice.

I think the allegation was that he is promoting securities that are not registered. But they can not deal with those companies with ads that I talked about on my first post, the ads are full of lies. I am a trader and I know that.

Ronaldo's network is around $500 million, but the OP stated this:


What rubbish.

Ronaldo is not even from US. Must NFTs be registered as securities in US before it can be legitimately be advertised in the world. I see something not right about this.

The SEC has not succeeded in bringing down Binance so they have an addition involving Ronaldo who happens to be a promotional partner of Binance. Taking advantage of Ronaldo's reputation will at least make Binance users feel worried these days. Then the biggest exchanges like Binance will slowly lose users and this has indeed become an additional target for the SEC after successfully bringing down CZ. Do you have any wild theories about Blackrock's involvement in making Binance so desperate that it went bankrupt?
https://i.ibb.co/K9YGKBc/image.png
I discovered the theory around last June https://twitter.com/Travis_Kling/status/1669719994379255808 The bottom line is that a Bitcoin ETF won't be approved until Binance collapses first. In my opinion this still makes sense because it is the end of the business competition and the Bitcoin Spot ETF will use Coinbase (https://www.coindesk.com/markets/2023/06/22/bitcoin-holdings-in-one-coinbase-custody-wallet-jumped-by-25k-after-blackrock-etf-filing/) as a Custody Wallet. So, is this a coincidence or a structured plan?
https://i.ibb.co/kqwDkNm/image.png

This is totally insensible, in as much as CZ was guity, he did try to make sure no binance customers was victimised. Also Ronaldo can not be blame because both him and everyone never thought binance would be guilty of any SEC charges. People who are like this, are just greedy and too prideful to accept their wrong

It is a bull shit news against Cristiano Ronaldo and even I knew some celebrities had to pay money because of their advertisement for some scam projects like Kim Kardashian, I don't believe Ronaldo will have to pay that very big cost, it's $1B, not $1M.

Kim Kardashian pays $1.26 million fine for paid crypto ad, SEC says (https://www.reuters.com/markets/us/sec-charges-kim-kardashian-unlawfully-touting-crypto-security-statement-2022-10-03/).

From $1.26M to $1B, it's massive difference.

1 billion USD is nothing to Ronaldo, but this lawsuit is ridiculous, so there is no reason for him to compensate those people. He is simply advertising cooperation, he has never called for investment in binance or any crypto project. I suspect there is a force that wants to lower Binance's reputation and they are willing to do everything to make Binance's reputation go down.

Another thing is that investors who lose money because of their own stupidity blame others, and these people will continue to lose more money in the future, I am quite sure of this.

People lose their money because they buy NFT about Ronaldo and then they blame Ronaldo for that. :D

It's nothing different like a mad gambler who lose in gambling, but the reality gambling will not make you rich because of the house edge lol.

He will go broke if this cheap rumor comes true.

Ronaldo's legal team might still have some tough time in court. We all know that when Ronaldo signed the endorsement deal Binance was not under any form of sanctions and the SEC never made any public announcement that the exchange was offering some unregistered services. However, the plaintiffs are claiming that Ronaldo's financial advisers should have scrutinized the operations of Binance to ascertain if the service or product to be promoted is registered.

They are also claiming that the SEC gave a directive when Kim Kardashian and Paul Pierce were fined for promoting EthereumMax (EMAX) tokens which applies to all celebrities promoting cryptocurrencies and crypto-related services. The directive was that celebrities should disclose how much they receive from promoting cryptocurrencies which Ronaldo failed to do. So they are suing the superstar not just for promoting Binance but for failing to disclose how much he has earned from the endorsement deal. 

Binance CZ has already resigned from his position as CEO to avoid any loss of Binance exchange. Currently the Binance exchange is facing a bit more difficulty. Binance faces danger once again as danger signals continue. Is it right to take such action against Ronaldo? I think it is not right to take such action against Ronaldo. But since the problem is starting to escalate, it is expected to be resolved very soon. Binance Exchange will not suffer any loss. They will not suffer any loss and will pay all fines if necessary.

I think the SEC are working on a demolition job against Binance, they'll sue or support those who want to file a legal action about the exchange. CZ stepping down as CEO of Binance does not reduce the liability Binance is facing, so we are a bit puzzled here if Binance could survive on the biggest challenge of their business.

As to Ronaldo, well, I guess he has to face this problem. Just imagine, if this lawsuit against him will convict him, that would destroy his finances as $1B is more than his reported net worth.

I think the case will now be decided by the court. The case has been filed in a United States district court in Florida and the parties bringing the legal action are consumers who claimed to have bought unregistered securities in the Binance platform but they are represented by Michael Sizemore, Mikey Vongdara and Gordon Lewis.   

The suit is not against Binance but specifically against Cristiano Ronaldo, just like Kim Kardashian paid $1.2 million it is the Portuguese that will pay the plaintiff if found guilty. Paying fines is a big loss to any firm and it could lead to bankruptcy. Binance is already bleeding from the $4.3 billion fine, more sanctions can collapse the exchange. 

Even if Ronaldo is found guilty, his legal team can always argue down the fine in court. The judge could reduce the fine and Ronaldo also has the option of appealing the court judgement. It seems Ronaldo and Binance are still promoting the exchange he is still promoting Binance on social media X precisely. Three days ago Binance posted on its X account a video of Ronaldo with the message: "Cooking something up with @Cristiano, Stay tuned". (https://twitter.com/binance/status/1729470191375917535?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1729477584977600615%7Ctwgr%5E071c392920c5f8ec6d97edad3d746dc195ca6c4e%7Ctwcon%5Es3_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcristiano-ronaldo-class-action-lawsuit-over-binance-promotion)

Is that number serious? compare with CZ's personal fine some time ago of around $50 million. The roles between the promoter and the mastermind of Binance are clearly much different, I don't think that the Binance and CR partnership will also add a large number of new users as the public thinks. Not all CR7 fans are interested in NFT bullshit either.

Those 3 clowns that sued him can ask for $10 billion but they obviously won't get that much even if they win the case. My guess is that they are riding on the recent Binance news (CZ stepping down, $4 billion fine, Binance US closing etc) so they thought why not try to squeeze some bucks from Cristiano Ronaldo, hoping for a settlement.

Maybe the US government sees that its citizens buy a lot of Ronaldo's NFTs so it demands a partner. Lol

Even this NFT is not specialized for Binance.US community, right? Why are they taking this action? Strange.

Indeed, there are so many demands on Binance and now dragging Ronaldo for the NFTs he promotes, the SEC just wants to try to make a profit and continue to outsmart anything that can become money. :D

Quick lookup indicates the NFT's were also made available on Binance.US and they could be making an angle with that. Article: https://support.binance.us/hc/en-us/articles/10119442847127-Binance-US-x-Cristiano-Ronaldo-CR7-NFT-Collection

Also, it should be noted that the suit was filed by a few people and not SEC. These people likely just want Ronaldo to shoulder the burden from their bad decisions AKA losses lol.

This is something that obviously has to happen before the approval of the Bitcoin ETF. Binance's dominance in this market is too significant, and Wall Street bosses cannot allow a Chinese powerhouse like Binance to control the market when the ETF is approved.

This is an outcome that Binance and CZ cannot avoid, especially since major players like BlackRock and other Wall Street institutions have entered the crypto game. CZ stepping down from his position is a good move for Binance and its future development.

I believe there will be short-term impacts on Binance and related parties, but in the long run, I am confident that Binance will still exist. However, its influence and strength may not be as significant as before. Another major exchange backed by Wall Street will likely take their place, and that could be Coinbase.

To begin with I expected news like this to come out after the news of Binance exchange been found guilty and we should be expecting more to follow especially if Ronaldo losses this case then more people will want their share of the pie. Ronaldo shouldn't be blame in any of this because his only crime here is been a famous athletes that Binance exchange took advantage of his popularity to sell their over priced NFT collections. Ronaldo mightn't have known anything about NFT probability until the meeting with Binance and they sold the idea to him which he bought as a good business idea. I'm pretty sure Ronaldo didn't force anyone to buy the NFT, he only promoted them and there's nothing wrong in that.

Those people affect by the decline in price of the NFT were probably greedy and wanted to make quick money by flipping the NFT for profits but their luck ran out and are not stuck with NFT worth less than they bought them. It was just business and I see no rightful reason to drag Ronaldo to court but as always they go after the weakling as Ronaldo won't want his image to be associated with any negativity and might would settle to keep him from appearing in court and spoiling his image as that'll mean bad business for the brand associated with him.

Ofcouse it's bullshit but under the watch of the US government, Ronaldo solicited a platform that catalysed transaction for criminal organization(according to US :D) but we know that the US is only trying to chase the bag on all the subsidiaries of Binance. Ronaldo did had a millions of deals with Binance, they will not let him have the cake alone because they know he has many investments in the US and will not jeopardize it.

I remember that time of the World cup, I see Ronaldo on MY TV screen from the group stage to the final match with "Join me on Binance", they know his influence on people is close to none but the fact that nobody lose money in the process makes US a law abuser and milking law country that just want to eat where they don't sow.

Mixers are going down, Ronaldo is geting a lawsuit for promoting binance, CZ was found guilty... Something is on the move and that something ain't a friend of crypto that's for sure. Everything is happening at the same time for some reason. Ronaldo won't pay shit probably but these news has another purpose. They are spooking the crypto investors. The message is: "if you promote crypto, you may get punished by the authorities".

Maybe the SEC will indeed approve the bitcoin ETF but they want crypto to be just like another gov asset before they do that. "Under control"

This is exactly what is happening. All these are ways to regulate the market. They can't regulate the coin itself so they regulate and try to control the players. The regulator said themselves that the big fines were to send a warning to others.
When you look at everything happening, it's obvious the government just wants a hand in everything. Now people all get the message. Imagine them blaming Ronaldo for other's losses simply because he promoted a project. The people who invested were not coerced into investing.

SEC as a group are clown, big clowns that are doing wrong chase and proving nothing to the government that they are doing something but everyone knows that they are only kissing the rings of the government and they are been bias with their judgement. Donald Trump Launched his NFTs using Ethereum chain this year twice and I have'nt seen a lawsuit against him or raiding him for doing unlawful activity because as I learned, the NFTs today are worthless today which means he deceived them to buy wrong investment under the law of security exchange commissions, clawns. ;D

I just read somewhere that USDT Tether company has employed FBI and Secret service (https://www.theblock.co/post/267973/tether-weve-onboarded-fbi-secret-service-to-our-platform) to help them fight crime and I just gag so hard LMAO, I thinlk we are moving from centralized crypro platforms to government watched platforms, this is exactly what the govenrment want and they will be happy to take full control of crypto in the next few years and it wouldn't be crypto as we used to know but government control crypto.