Cristiano Ronaldo Binance class action overview:
- Who: Cristiano Ronaldo is facing a class action lawsuit over his promotion of Binance Holdings.
- Why: Binance is accused of being a sham crypto platform that has allowed fraud and violation of federal money laundering laws.
- Where: The Cristiano Ronaldo class action was filed in federal court in Miami, Florida.
Cristiano Ronaldo is facing a class action lawsuit over his promotion of Binance Holdings, which is accused of being a sham crypto platform that has allowed fraud and violation of federal money laundering laws.
Binance has faced lawsuits from state and federal regulators as a company built to defraud those regulators and get around federal regulations, according to the lawsuit. All U.S. Dollar withdrawals have been frozen and Binance recently agreed to pay more than $4.3 billion in penalties and forfeiture charges to settle the charges of willfully violating federal money laundering laws, the Binance class action says.
Binance had over 100 million customers and 1.47 million in the U.S. who were offered the ability to buy, loan and trade digital assets.
“In addition to Binance’s own unlawful activity, during the class period, Binance partnered with promoters (including Defendant Ronaldo) to publicly promote Binance and solicit new customers, including through traditional advertisements on television and social media,” the Cristiano Ronaldo class action says. “These partnerships put promoters from across the globe in the position to receive kickbacks and commissions based on their promotion and sale of unregistered securities to investors.”
Binance CEO faces 18 months in prison, forced to pay $50M fine and step down, lawsuit says
Binance’s Chief Executive Officer Changpeng Zhao also was ordered to pay a $50 million fine and has stepped down from his CEO role after pleading guilty to willfully violating federal law that requires financial institutions to maintain an effective anti-money laundering program. Zhao faces up to 18 months in prison, the Binance class action says, after the company facilitated billions of dollars of unregulated cryptocurrency transactions.
That includes “hundreds of millions of dollars in transactions between American users and users subject to U.S. sanctions,” the lawsuit claims.
Binance reached an agreement in June with the U.S. Securities and Exchange Commission (SEC) that will allow the cryptocurrency exchange to continue operating amidst the agency’s ongoing enforcement lawsuit.
Have you ever used Binance for a fund transfer? Let us know in the comments.
The plaintiffs are represented by Adam M. Moskowitz, Joseph M. Kaye and Barbara C. Lewis of The Moskowitz Law Firm PLLC, José M. Ferrer and Desiree Fernandez of Mark Migdal and Hayden, along with Stephen Neal Zack and Tyler Ulrich of Boies Schiller Flexner LLP.
The Cristiano Ronaldo Binance class action lawsuit is Sizemore, et al. v. Cristiano Ronaldo, Case No. 1:23-cv-24481-BB, in the U.S. District Court for the Southern District of Florida Miami Division.
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