The soccer star’s Binance-tied NFTs allegedly promoted investments in unregistered securities on the crypto exchange.
A Nov. 27 filing to a United States district court in Florida claimed Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.”
Ronaldo was a key part of Binance’s growing popularity due to his influence and reach, with 850 million followers across social media, says the complaint. They allege his NFT sales were “incredibly successful” at promoting the exchange, with a 500% increase in searches for Binance the week following the initial sale.