Legendary soccer player Cristiano Ronaldo has been hit with a lawsuit over his involvement in a controversial cryptocurrency exchange.
Last year, Ronaldo signed a partnership with Binance, the world’s largest cryptocurrency exchange by trading volume at the time.
“This is your chance to join my community and own iconic moments from my career,” Ronaldo said last November and invited his fans to join him.
The first controversial contract Binance signed with the Argentine Football Association. This summer, the contract was terminated after the company stated that “the Argentine Football Association has not fully fulfilled its contractual obligations”.
Now a new problem has arisen after Ronaldo’s name was included in a proposed class action lawsuit by three plaintiffs who claim they “suffered serious losses due to Ronaldo’s promotion of cryptocurrencies.”
The lawsuit adds that users who signed up through Ronaldo’s promotion used the exchange for other reasons, such as investing in unregistered securities.
“Ronaldo’s promotion of Binance solicited investment in unregistered securities encouraging his millions of fans to invest in Binance,” the lawsuit said.
The lawsuit also alleges that Ronaldo was aware or should have known that Binance was selling unregistered securities. Numerous foreign media reached out to Ronaldo for comment but did not receive a response, Klix.ba reports.