Ronaldo Faces $1 Billion Class Action Lawsuit For Promoting Binance!!

[freedomgo]

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.

Soccer legend Cristiano Ronaldo, the world’s highest paid athlete, is facing a class action lawsuit from Binance customers seeking $1 billion in damages for promoting the cryptocurrency exchange that agreed to pay $4 billion for violating the Bank Secrecy Act.

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

[1714609638]

1714609638

[1714609638]

1714609638

[NotATether]

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?

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.

[franky1]

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

[freedomgo]

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?

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 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).


key facts BTW.

Ronaldo began partnering with Binance in 2022, creating NFT collections and posts on social media to his 849 million followers.

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

[pinggoki]

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.

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.

[Kakmakr]

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!

[retreat]

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.

[Oshosondy]

Soccer legend Cristiano Ronaldo, the world’s highest paid athlete, is facing a class action lawsuit from Binance customers seeking $1 billion in damages for promoting the cryptocurrency exchange that agreed to pay $4 billion for violating the Bank Secrecy Act.

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.

[EarnOnVictor]

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

Soccer legend Cristiano Ronaldo, the world’s highest paid athlete, is facing a class action lawsuit from Binance customers seeking $1 billion in damages for promoting the cryptocurrency exchange that agreed to pay $4 billion for violating the Bank Secrecy Act.

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?

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.

[icalical]

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.

[freedomgo]

Soccer legend Cristiano Ronaldo, the world’s highest paid athlete, is facing a class action lawsuit from Binance customers seeking $1 billion in damages for promoting the cryptocurrency exchange that agreed to pay $4 billion for violating the Bank Secrecy Act.

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.

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.

[Oshosondy]

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:

Soccer legend Cristiano Ronaldo, the world’s highest paid athlete, is facing a class action lawsuit from Binance customers seeking $1 billion in damages for promoting the cryptocurrency exchange that agreed to pay $4 billion for violating the Bank Secrecy Act.

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.

[naira]

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.

Soccer legend Cristiano Ronaldo, the world’s highest paid athlete, is facing a class action lawsuit from Binance customers seeking $1 billion in damages for promoting the cryptocurrency exchange that agreed to pay $4 billion for violating the Bank Secrecy Act.

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

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?

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 as a Custody Wallet. So, is this a coincidence or a structured plan?

[Amphenomenon]

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

[SquirrelJulietGarden]

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.

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.

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

[Ayers]

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.

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.

[Jawhead999]

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

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.

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.

He will go broke if this cheap rumor comes true.

In February 2021, Ronaldo became the first person in the world to reach 500 million followers across Facebook, Instagram and Twitter. As of April 2022, he had 849 million.

[Die_empty]

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!

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. 

[2Pizza410000BTC]

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.

Soccer legend Cristiano Ronaldo, the world’s highest paid athlete, is facing a class action lawsuit from Binance customers seeking $1 billion in damages for promoting the cryptocurrency exchange that agreed to pay $4 billion for violating the Bank Secrecy Act.

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

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.

[Natalim]

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.

Soccer legend Cristiano Ronaldo, the world’s highest paid athlete, is facing a class action lawsuit from Binance customers seeking $1 billion in damages for promoting the cryptocurrency exchange that agreed to pay $4 billion for violating the Bank Secrecy Act.

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

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.