Binance Customers Want To Serve $1 Billion Lawsuit To Cristiano Ronaldo Via X

Updated: 18 January 2024

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Binance customers are seeking approval from a Florida federal court to serve soccer star Cristiano Ronaldo with a $1 billion class action law suit through X and a website publication.

The motion shows that a dedicated website was created for the case materials which will be sent, “not only to the verified Twitter accounts of defendant Ronaldo but also to the email addresses of his domestic counsel involved in ongoing U.S. federal litigation.”

Plaintiffs Unable To Get The Soccer Star’s Current Address

The Jan. 16 filing argues for alternative methods to reach out to the renowned soccer player due to difficulty in traditional channels. Uncertainty surrounding Ronaldo’s current address in Saudi Arabia is at the core of the customers’ argument for the order.

The plaintiffs also claimed that Hague Conventions do not prohibit such a method when the person’s address is unknown.

Ronaldo is accused of promoting non-fungible tokens (NFTs) linked to the troubled exchange Binance. The lawsuit was filed in the Southern District of Florida on Nov. 27 with the Florida district court, and contends that the soccer star’s involvement with Binance was both deceptive and illegal.

This follows claims by Binance customers who suffered losses due to the promotions. The filing claimed Ronaldo that “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.”

Cristiano Ronaldo's showing off his football ⚽ juggling skills in the Binance ad.pic.twitter.com/C8GbQddUFn

— CR7's PR manager (@RONALDOthabeast) January 17, 2024

Cristiano Ronaldo Fails To Disclose Binance Payment

The suit also cited a guidance warning by the U.S. Securities and Exchange Commission (SEC), which warned celebrities to disclose payments received for promoting digital assets. This is something that Ronaldo allegedly failed to do.

The lawsuit comes after Binance entered a multi-year partnership with Ronaldo in the middle of 2022 to promote a series of NFTs. At least three of the soccer star’s collections are tied to the crypto exchange.

Ronaldo is not the only celebrity facing legal challenges for promoting digital assets. A class action lawsuit was also filed against Tom Brady, his supermodel ex-wife Gisele Bündchen, Stephen Curry and Shark Tank star Kevin O’Leary following the collapse of FTX.