Cristiano Ronaldo Faces Legal Action Over Binance Crypto Promotions
Portfolio Pulse from Murtuza Merchant
Cristiano Ronaldo is named in a class-action lawsuit for promoting Binance's NFT collection, alleging deceptive advertising and aiding in soliciting investments in unregistered securities. The lawsuit claims Ronaldo's promotions led to a significant increase in Binance's popularity, with a 500% surge in searches post-NFT sale. Binance, facing separate legal issues, has settled with the U.S. government for $4.3 billion over Anti-Money Laundering violations and operating without a license.
November 29, 2023 | 9:42 pm
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Cristiano Ronaldo's involvement in a lawsuit over Binance promotions may negatively impact investor sentiment towards Binance Coin (BNB), potentially affecting its price.
The lawsuit against Ronaldo for promoting Binance could lead to negative publicity and reduced trust in Binance, which may decrease demand for Binance Coin (BNB) in the short term. The settlement Binance made with the U.S. government also adds to the negative sentiment.
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