Bitcoin Forum

Cristiano Ronaldo, a world-renowned footballer  facing a class action lawsuit is uncalled for.
Bringing financial damages to his followers by aiding and abetting Binance’s fraudulent practices.
Binance doesn't really care about anyone's status or image but it portfolio and how to make his exchange boom, they knew Ronaldo who has more than 850 million followers across several social media platforms will go along way to make it business boom that's why they signed a multi-year contract just to promote unregistered crypto securities.
And these unregistered crypto securities promoted by Ronaldo caused a 2,5500% increase in celebrity NFT searches by his followers and the rest of the world.
whereby making Binance grew by nearly 5000%.

you forget ronaldo promoted scammy junk.. when he signed a deal he too should have researched or his agent should have checked what ronaldo promoted

influencers promoting products also have a duty of care to their fans, so should only sign deals that wont hurt their fans

you word it how binance signed him up, but need to think about how he signed upto it too
its the same with many things.. even influencers promoting fashion/makeup need to check what they are promoting is not made in sweatshops or using illegal materials that can cause harm

he isnt just a hapless footballer scoring goals.. he is known as a influencer and a promoter and in that secondary role needs to do due diligence on the partnerships he deals with

if he can show proof that he did do due diligence and all his proof showed true beleif that his adverts were not of scammy junk, he would not be found guilty. but not doing due diligence of knowing the junk was junk is negligence and he participated anyway then that can cause problems, especially if he knew it was get rich quick junk scam and he promoted it anyway, not caring about the consequences

He has no responsibility to his followers in terms of any promotion and it should be Ronaldo or his agent who studies the impact of the work they take on. A footballer or influencer has no responsibility in the event that their followers suffer losses, so the followers themselves must verify the truth before participating. Binance is a large exchange and of course they will look for influencers who have the largest followers on social media to promote the products they have.

There are certain strategies for people to promote their business, but nothing can be guaranteed. This is another important lesson that something we do must be researched first, not immediately accepted and used even though the person promoting it is a famous footballer or influencer on social media platforms.

The thing about ronaldo or any influencer for that matter is that they don’t care what they are promoting as long as they are getting paid. Lots of celebrities and influencers don’t care whether it might be harmful to promote a specific product or service.

Agreed these famous people need to know their influence is massive and they have a responsibility to uphold

But I don’t think ronaldo’s fans will also care too much about what’s wrong or right lots of fans blindly follow whoever they idolize so don’t be too worried about binance nor ronaldo

Binance entered a multi-year partnership with Ronaldo in mid-2022 to promote a series of his own nonfungible tokens (NFT), of which he has at least three collections tied to Binance.
Binance ain't trying to tarnish Ronaldo's image,ronaldo is definitely serving and representing as a soccer legend with mastery of influence and experience with an utmost joy and enthusiasm.

Binance wants to promote the circulation,adoption and awareness of cryptocurrencies around the world.Ronaldo seems to be the perfect image for this role but it seems Ronaldo's role have a significant effect due to his worldwide recognition and unshakable iconic efforts.

I am not a fan of Ronaldo neither am I a fan of Binance. I have two arguments here.

1. I agree that he should be sued. From the time he signed the contract to accept the influencing gig at Binance he should have known that the downside is the likelihood of getting sue for promoting a very risky and volatile asset. This is not new to celebrities (https://www.latimes.com/entertainment-arts/business/story/2023-01-18/has-hollywood-learned-its-lesson-from-the-ftx-debacle#:~:text=Other%20household%20names%20%E2%80%94%20Steph%20Curry,All%20are%20listed%20as%20defendants.). Steph Curry, David Ortiz, Shohei Ohtani, Naomi Osaka, Kevin “Mr. Wonderful” O'Leary who promoted FTX were also sued. I don't know the outcome of the case yet.

2. As for the investors, it is just a childish behaviour to invest in a high risk asset with the potential of losing all their monies and then when they lose their monies, they turn around and accuse the influencer of deceiving them when the warnings of cryptocurrencies and NFTs are all over the internet. They are investors and in every investments risks involved that is one of the basic rules of contract law.

Binance took advantage of Ronaldo's large following so they thought it would be easier to increase their market value. that is a good thing for them but not for ronaldo so his image is tarnished among people.

Who cares?

I have always rated Messi anyway.  ;D

Why did Ronaldo sign it? What happened to his brand team? Haven't they researched properly before signing the deal? What happened to his legal team? Didn't they know that Ronaldo is promoting unregistered things?

Binance is a business organization. When businesses sign any celebrity to promote, they have two simple goals in their mind - growth and reputation! Binance paid money, Ronaldo got money and did what he was asked to do!

What's the problem? 

The world of NFTs is endless, there is always a way to attract people to the iPhone by presenting a lineup of famous people. I personally am not too interested in the world of NFTs and lack interest, it is very complicated the process. But I like to see Messi's photo on bitget  ;D ;D.

That's Binance's right and for those who like what they promote is also legitimate beforehand if things are not comfortable in the future again, yes it's up to those who invest.

but his fans do care... they are blind because they trust him... its that trust that comes with responsibilities on the influencer
when fans buy things on trust of endorsement by their idol it becomes the idols responsibility to not promote bad things

much like core devs pretend they are not responsible for the code they add.. YET people just blindly trust core are good guys that wont do anything bad..
core devs actually do have responsibility for the network and its participants,

it gets especially more disgusting when the idols blame the fans for blind trust, and say things like the fans should have done their own due diligence and review and scrutinise what they use.. but stupidly dont then like people scrutinising, reviewing, critiquing the idols promotions

Before you are advertising for a company, it is good to know the nature of what you want to advertise. We have been telling people to do away with NFTs and not to buy it because we know how they can buy at high price and sell at low price especially when the market is not good. C. Ronaldo is not wise to make investigation when Kim Kardashian was sued by United States SEC but paid I think $2 million dollars to bail herself out of the case of advertising crypto products.

These celebrities and influencers like C. Ronaldo do not cares about their followers than money. Binance will pay him huge amount for endorsing him. He care more about the money he will receive from the endorsement and not the protection of his followers. But people also supposed to make investigation before investing in anything.

NFTs are only hyped, the hype came and went. It was bull run period that Binance endorsed C. Ronaldo. He should be fearful of what can come after bull run which is bear market. NFTs are better just for rich people like Monalisa owned by rich people which is an physical artwork. That is how NFTs should be seen, but everybody wants to have NFT which makes most of them valueless.

1.I don't think that Binance had put a gun next to Ronaldo's head and forced him to sign a contract. Obviously he voluntarily agreed to such deal, because he wants money.
2.Are you suggesting that Binance grew by nearly 5000% mostly because of Christiano Ronaldo was promoting them? I don't believe this.
3.AFAIK, the promotion of NFTs isn't illegal in most countries around the world. Maybe it will become illegal in the future, but nobody can be held responsible for promoting something that is completely legal.
Ronaldo's followers(and everyone else) must deal with caution when it comes to centralized crypto companies, NFTs and other pump and dump shitcoin projects. When you are financially irresponsible, blaming someone else for your poor financial decisions won't change anything.

 There's nothing much to say about the matter as the simple fact is Ronaldo is guilty of the charges. The thing with most of these celebrities is they get swayed by the profit they'd accrue from such endorsements and partnerships but forget to do their research to avoid such entanglements with the law later on.
 Changpeng Zhao, who was hit with a $4bn fine due to him breaking some US financial laws had to step down as Binance CEO, and has somehow laid low till the dust over Binance settles and I'm here wondering how much Cristiano Ronaldo gained from the promotion of the NFTs to end up being fined $1bn! This is one of the worst business partnerships I've heard  of to be honest. I guess this is what you get when you care more for the profits more than anything else.
By this action, they ended up losing more than they gained.

Are you saying that celebrities are not permitted to promote anything related to cryptocurrency? How then do Bitcoin get the much needed exposure and adoption that we all chant about everyday? Cristiano Ronaldo did advertisement which is what anybody can do, his team might have researched and saw nothing wrong with Binance and the projects/programs involved but if it turn out to be bad, they are not supposed to be held responsibility as no one was forced to invest in them.

Now you wear the signature of a crypto-powered casino which by extension is a cryptocurrency platform. How will you feel if you are sued for wearing such signature if something happens in the future? It was not long when there were issues with mixers that were heavily promoted in this platform, will it be fine to sue all those that wore the signatures of those failed projects? By supporting that C. Ronaldo be sued, you are directly practicing double standard and that is not good. Meanwhile don't take my comment as a direct attack, we are just having a conversation and sometimes it is good we keep level playing field for everyone irrespective of their social status.

Before you judge, find space within yourself and put yourself in the same shoe first.

Think like a footballer, all he needs to protect his image is accepting such promotions from trusted companies, Binance is one of them.

A well paid footballer, he is freaking rich, all he knew is football, and he was approached by one of the most trusted crypto exchange CEO.

Remember, many people in crypto space never look at CZ like someone who can be guilty of anything, he maintained his statue for a while and he is a cool headed man, Ronaldo can believe that he is in a safe hands.

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Forget about the followers he had, he will surely get paid anyway, but this footballer isn't part of Binance team, to me he shouldn't be blamed for anything, since CZ is guilty of some things, I bet he got the best of Ronaldo, what did he know about crypto and exchanges anyway?

If I was him I could fall for the same thing, it is binance for crying out loud, how will i know that CZ could be dirty? Unregistered crypto securities? How will this man know? What if CZ says its all registered? Yes he will get paid, but it is likely that Rolando is a victim here too.

I don't know about that OP, it's not a Binance problem alone, Ronaldo's side/team has a blame on this too, you just have to understand that the money offered to promote Binance is too big to ignore for them and at that time, the issues surrounding Binance weren't on the light yet but there's been talks and if the management side of Ronaldo's team have heard of these and I'm sure they've heard of it but the money blinded them. Listen, if you're really the kind of person that's got no principle and the money is all that you've wanted, then you're bound to face the consequences of living that lifestyle.

What is happening to Cristiano Ronaldo is nothing new. Do you remember the news about lawsuits being brought against US celebrities that were promoting FTX? They were paid millions of USD$ for promoting FTX but after the collapse of the exchange those celebrities were facing lawsuits. What Cristiano Ronaldo did was not dissimilar except he was involved in his own NFT.

If a group of disgruntled investors get together and want to take Cristiano Ronaldo to Court to sue for $1 billion, that is their decision. In the end a judge will decide if the case can proceed. He can afford to pay the best lawyers in the world, he probably is not even worried at this stage.

Issues like this is most common and from my research Ronaldo started promoting projects like this for too long and this is not even new, I remember seeing a news in the altcoin section about Ronaldo promoting a scam token so this is not the first time. It might sound funny if Ronaldo had zero idea about all this but definitely project owners like this will love to target the masses not the influencer, they know fully well Ronaldo has the highest followers on social media, fans, etc so I get what this people are doing. Let's assume Messi, Neymar or Mbappe had the highest followers Ronaldo will not get the opportunity signing the contract, our consideration should be channeled to his followers cause people nowadays no longer make research but they trust easily just because they saw their role model or favorite advertising a project.

[quote author=akunnyoba link=topic=5494742.msg64011375#msg64011375 date=
Binance took advantage of Ronaldo's large following so they thought it would be easier to increase their market value. that is a good thing for them but not for ronaldo so his image is tarnished among people.
[/quote]

And anyone trying to promote anything will do the same thing.

Publicity is still publicity even if it is bad one. Projects just need to expose themselves even if people don’t really get convinced. Once a person knows about something they will spread it through the word of mouth or talk about it in social media therefore boosting the algorithm and boom everyone else knows about it.

I guess binance is trying to reach a different audience with ronaldo. And money is still money. People will promote anything if it meant they will be paid handsomely

Anyone with a brain would have asked a few simple questions before entering an agreement with a company, like
- where is your company based...CZ:Crickets
- are you licensed for what you do...CZ:Crickets
-what's the thing with your company getting kicked from country after country....CZ:Crickets


So, did you buy some Planet token?  ;D

Cristiano Ronaldo being a Global Figure would done some research before promoting such project because people like him, the agencies are watching them 24hours and any small error, they would come and picked them up. So they have to live a safety life. At first you have to know if the project is government approved and know everything about the project before doing your advertisement or marketing. And now that he has been sued to the law court for promoting such project what will he do?

The most important thing to many popular individuals is their reputation
It can be seen in this board where many reputable individuals are stringent on the type of campaign they enter or promote.
Christiano and his team should/would investigate any deal they entering into and I won't be surprised if they knew about the risk but believe the reward is worth the cost.
Besides the fans should face the consequences of their decision
Never trust anything posted by a  celebrity especially on cryptocurrency
This is why DYOR is emphasised.

It's not make sense Ronaldo to drag Ronaldo in this case, any big influencers will review what they promote, they won't accept any project that willing to pay huge amount because his reputation is more than just the money he earn.

I don't think people will say Binance is scam exchange, the fact most people still stick with Binance regardless the ex-CEO will going to jail and it's managed by new person.

Just like this forum, is someone who previously manage a legit project should receive negative feedback when that legit project turns scam in the future? ???

https://imgvb.com/images/2024/04/30/bae28453ec5d0826026b48b194fd4605.jpg

This should be another lesson to followers of Ronaldo, and any other top celebrities and influencers to research any projects or products that the people they idolize promotes, especially if it's not what the celebrity is into. Sometimes I wonder if celebrities really consider their reputations and accountability to their fans before accepting to endorse anything, it's very sad that these celebrities only cares about the money that they'll be paid. Binance is a big brand, same with Ronaldo, it's the ignorant people that accepts anything that's endorsed by the latter that'll bear the lose when the ship sinks.

What are the chances the group action against Cristiano Ronaldo will be successful? Even if the case had merit and Cristiano Ronaldo was found to be liable to pay money, there would be an appeal and that could result in favour for the footballer.

This will go on for a long time before a Court decision will be made but either way it will open the doors for other investors to take celebrities to Court and try to get money from them if they advertised/promoted business they lost funds in.

Cristiano Ronaldo is one of the biggest stars in the world of football. The best time of career played by celebrities is to think about everything first and then participate. Such big stars will never pay themselves without research in this kind of project except in the world of sports. The project should be thoroughly tested before whether it is safe or not. If you do not maintain your own safety you will move away from there. Celebrities are very conscious of their money.

why are you blaming binance? doesn't ronaldo's team also consist of professionals who should have already found out various things related to the brands that want to work with them? of course they understand what risks they will accept and how they will overcome them. if you think that ronaldo doesn't know anything about binance and immediately signed a contract to become their brand ambassador, then you are wrong, because long before they signed the contract, ronaldo's team had already found out a lot about binance, because it's not easy to make a star as brand ambassador.

moreover, regardless of whatever binance does, it has nothing to do with ronaldo, because he is just a brand ambassador and doesn't know anything about binance's operations. if in the end binance does something that damages their reputation, then at any time ronaldo could leave as their brand ambassador.

Cristiano Ronaldo has used his image to promote various entities over many years and in the process has benefitted with a lot of money going in to his bank account. He has a very big team behind him, he has a full network of advisors on his payroll therefore if any promotion/deal of his manages to go wrong, they are the ones who are responsible alongside Cristano Ronaldo himself.

I agree with you, Binance as a business did nothing wrong when they hired one of the most famous sports stars, they got the promotion and he got the money. To blame Binance for the issues Cristano Ronaldo is now facing seems extremely unfair to me.

I think that you missed my point, so let me break it down for you:

• I never implied that celebrities shouldn't promote anything crypto related.
• I meant was, if they promote it, they should know that there are potential downsides. If things go south like they always do in cryptoland, these celebrities should be ready to face the consequences such as legal action.

Now, where did I suggest that  "celebrities are not permitted to promote anything related to cryptocurrency"?

I don't think he did or his team.

What his manager probably told him that he'd earn money from that endorsement and it comes with an NFT of his and everyone will purchase it.

Many celebrities have got into trouble for being ignorant of what they're advertising because of the offer to them which pays hefty money.

The USA seems to be the only country where celebrities and promoters are legally being held responsible for accepting money to promote a business retrospectively after the business collapses or if the investments failed. In my opinion, this is unfair and will only add more concern to any celebrity, sportsperson or influencer if they honestly believed they were promoting a genuine business.