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Football superstar Cristiano Ronaldo, known for his prowess on the pitch, is now making headlines off the field. He is facing a class-action lawsuit filed in a Florida District Court on November 27, 2023. The lawsuit alleges that Ronaldo’s promotion of Binance, the world’s largest cryptocurrency exchange, influenced the plaintiffs’ decision to become involved with the exchange.

The Allegations 
The lawsuit claims that Ronaldo’s alliance with Binance led to the promotion of unregistered securities. This comes at a time when Binance and its founder, Changpeng “CZ” Zhao, are dealing with their own legal issues. They recently pleaded guilty and paid a $4.3 billion settlement to the United States on charges of money laundering and running an unregistered money-transmitting business.

The Backdrop
Binance has been under scrutiny for its operations and regulatory compliance. The US Commodity Futures Trading Commission (CFTC) alleges that Binance traded in crypto-related derivatives with US-based customers despite not having regulatory permission.

The Impact 
The lawsuit against Ronaldo brings to light the role of influencers in promoting financial products and services. As one of Binance’s commercial partners, Ronaldo’s promotion of the platform could have potentially influenced millions of his followers. Moreover this case could set a precedent for how celebrities and influencers navigate the promotion of financial platforms.

Insiders View
As the legal proceedings unfold, it will be interesting to see how this lawsuit impacts Ronaldo’s image and his future promotional activities. Furthermore, the outcome could have significant implications for the broader influencer marketing landscape, particularly within the financial sector.

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