In a novel legal maneuver, Binance users involved in a class-action lawsuit against soccer superstar Cristiano Ronaldo are adopting creative tactics to advance their case. The plaintiffs, who have filed a motion on January 16, 2024, are seeking to serve Ronaldo through alternative means, including email, X (formerly known as Twitter), and website publication.
The lawsuit stems from claims that Binance clients suffered financial losses due to Ronaldo's promotion of the cryptocurrency exchange. Filed in a Florida district court on November 27, 2023, the suit accuses Ronaldo of promoting, assisting in, and/or actively participating in the offer and sale of unregistered securities in coordination with Binance. The legal action highlights the ongoing debate about the role of celebrities in promoting cryptocurrencies and the responsibility they bear for the financial outcomes of such endorsements.
In their pursuit, the plaintiffs face the challenge of serving legal documents to Ronaldo, who is currently in Saudi Arabia, a location where his exact address is uncertain. The motion argues that the proposed alternative service methods comply with international agreements and provide adequate notice to the defendant. Moreover, the plaintiffs have set up a dedicated website for case materials, which will be shared with Ronaldo's verified X accounts and the email addresses of his domestic counsel involved in ongoing U.S. federal litigation.
The class-action lawsuit highlights the broader issues surrounding celebrity endorsements in the cryptocurrency space. The U.S. Securities and Exchange Commission has issued guidance warning celebrities about the need to disclose payments received for promoting cryptocurrencies, a requirement the complaint alleges Ronaldo failed to meet. Binance's multiyear partnership with Ronaldo, announced in mid-2022, included a series of his nonfungible tokens (NFTs), with at least three of his collections tied to the exchange.
This case reflects the complexities and evolving legal landscape of the cryptocurrency world, where high-profile partnerships and celebrity endorsements intersect with regulatory scrutiny and investor protection concerns.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.