💥Cristiano Ronaldo is facing a proposed class action lawsuit for allegedly promoting unregistered securities through his ties to troubled crypto exchange Binance. The lawsuit, filed on November 27 in Florida District Court, accuses Ronaldo of actively participating in the sale of unregistered securities in collaboration with Binance. The legal action stems from Binance's multi-year partnership with Ronaldo in 2022, in which he promoted his exchange-linked nonfungible token (NFT). These legal developments add to ongoing problems at Binance, with founder Changpeng “CZ” Zhao recently pleading guilty to charges of money laundering and unregistered remittance business, resulting in a $4.3 billion settlement. Binance, which has faced multiple legal challenges, has also been sued by the SEC for allegedly selling unregistered securities and is being investigated for potential misappropriation of customer funds. #BinanceTournament #BTC #link #etf #USTC 👉Follow, Like, Comment & Share 💖

🇺🇸 Cristiano Ronaldo sued for promoting Binance and unregistered securities. A class action lawsuit has been filed against Cristiano Ronaldo, alleging that his NFT collections on Binance promoted investments in securities not registered on the crypto exchange. The plaintiffs claim they suffered losses due to his promotion of Binance. “Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans and supporters to invest with the Binance platform.” #cr7 #crypo $BTC $ETH

Pro-soccer star Cristiano Ronaldo has been hit with a proposed class-action lawsuit from plaintiffs claiming they suffered losses from his promotion of the now-legally embroiled crypto exchange Binance. A Nov. 27 filing to a Florida District Court claimed Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.” Binance entered a multi-year partnership with Ronaldo in mid-2022 to promote a series of his own nonfungible tokens (NFT), of which he has at least three collections tied to Binance. The complaint claims users who signed up for Ronaldo’s NFTs were more likely to use Binance for other purposes — including investing in what they claimed were unregistered securities, including Binance’s BNB (BNB) and its crypto yield programs. “Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform.” Ronaldo was a key part of Binance’s growing popularity due to his influence and reach, with 850 million followers across social media, says the complaint. They allege his NFT sales were “incredibly successful” at promoting the exchange, with a 500% increase in searches for “Binance” the week following the initial sale. Cooking something up with @binance https://t.co/FMAP5GAdxE — Cristiano Ronaldo (@Cristiano) November 28, 2023 The suit alleges Ronaldo knew or should have known “about Binance selling unregistered crypto securities” as he has “investment experience and vast resources to obtain outside advisers.” The suit cited Securities and Exchange Commission guidance, which warned celebrities of the need to disclose payments received for promoting cryptocurrencies — which the complaint claims Ronaldo didn’t do. The class action plaintiffs are Michael Sizemore, Mikey Vongdara and Gordon Lewis, who seek damages and funds to cover legal fees. Meanwhile, Binance and founder Changpeng “CZ” Zhao is facing their own legal woes, pleading guilty and paying a $4.3 billion settlement to the United States on money laundering charges and running an unregistered money-transmitting business. Zhao stepped down as CEO and faces up to 18 months in prison. Binance agreed to up to five years of Justice Department and Treasury compliance monitoring. The SEC has sued Binance claiming — among other charges — that it sold unregistered securities and is reportedly investigating if Binance misappropriated customer funds. Magazine: NFT Creator: DMT and a Hellboy outfit — How diewiththemostlikes got on SuperRare

Soccer great Cristiano Ronaldo faces a $1 billion class-action lawsuit linked to his commercial relationship with cryptocurrency exchange Binance. The suit, dated Nov. 28 and filed in the District Court for the Southern District of Florida, in Miami, alleges that Ronaldo "promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance." The action purports to represent "consumers who purchased unregistered securities offered of sold by Binance." The lead plaintiff was identified as Michael Sizemore, a California resident who allegedly bought unregistered securities from Binance "after being exposed to some or all of defendant's misrepresentations and omissions regarding the Binance platforms." "Mr. Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform," the legal filing said. The suit could add to a growing list of legal matters at Binance. In June, the U.S. Securities and Exchange Commission sued Binance, the operating company for Binance.US and founder Changpeng "CZ" Zhao on allegations of violating federal securities laws. Last week, in a separate case, Binance agreed to pay $4.3 billion to settle charges brought by U.S. prosecutors related to alleged violations of breaking sanctions and money-transmitting laws. Ronaldo partnered with Binance in 2022 in the creation of a non-fungible token (NFT) collection, featuring animated figures depicting moments from his career. He is accused of "soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform." "Mr. Ronaldo’s promotions were published on public websites, television and social media accounts accessible to plaintiffs nationwide, including in Florida," the suit reads. "On information and belief, in exchange for his services, Mr. Ronaldo received a substantial total compensation package which likely included compensation in the form of digital assets transmitted through the Binance platforms." The suit cited prior SEC warnings that virtual tokens may be securities, and that celebrities must disclose when they are getting paid to promote securities. Read More: Binance Has No Real Argument for Dismissing SEC Suit, Regulator Says

SEC Crackdown Misses Yet Again: A Look at the Kraken Lawsuit. In my Opinion, the Kraken case puts a spotlight on bigger problems in how the U.S regulates cryptocurrencies. In the ongoing showdown between the United States Securities and Exchange Commission (SEC) and Kraken, a major cryptocurrency exchange, the regulatory body seems stuck in a familiar loop of challenges. As we dive into the legal drama, it becomes clear that this struggle isn’t just a replay of past failures but a sign of deeper issues within the regulatory world. The lawsuit, filed in November, claims Kraken operated as an unregistered securities exchange, echoing the SEC’s past struggles in the crypto realm. This legal clash bears a resemblance to the SEC’s previous run-ins with Coinbase, showing a pattern of assertive regulation that misses the quirks of the cryptocurrency universe. Both cases revolve around accusations of unregistered securities exchanges, highlighting a basic misunderstanding of how cryptocurrency exchanges work. Unlike traditional stock markets, Kraken and similar platforms deal with a mix of digital assets that don’t fit neatly into existing regulatory boxes. This mislabeling reveals the SEC’s lack of understanding about cryptocurrencies, which operate as decentralized entities with features akin to utility or currency. The SEC’s tough stance might push crypto businesses to friendlier shores, a phenomenon called regulatory arbitrage. This potential exodus poses a risk to the U.S.’s position as a tech innovation leader. Beyond the legal battle, the Kraken case puts a spotlight on bigger problems in how the U.S regulates cryptocurrencies. Experts urge the SEC to ditch old tactics and connect with the crypto industry in a smart and helpful way. Regulation is vital, but it has to be sensible, well-informed, and crafted to boost innovation, not smother it. Now, it’s up to the SEC to show it can keep up with the ever-changing world of cryptocurrencies. #SECvsCrypto #Kraken #SECImpact #lawsuit #KrakenSECsuit $XRP $SOL $BTC

The legal duel between the United States Securities and Exchange Commission (SEC) and Kraken, a leading cryptocurrency exchange, looks like another misguided attempt by the SEC to exert control over an industry that fundamentally challenges an outdated regulatory playbook. The agency’s lawsuit, filed in November, accuses Kraken of operating as an unregistered securities exchange. The lawsuit isn’t just a repeat of the SEC’s past failures. The lawsuit isn’t just a repeat of the SEC’s past failures. Unlike traditional securities exchanges, platforms like Kraken offer a diverse range of digital assets that do not fit neatly into the securities framework. Related: Expect some crypto companies to fail in the wake of Bitcoin's halving One of the most striking issues is the absence of technological neutrality — the principle that regulatory frameworks should apply equally to all forms of technology, without favoring or penalizing any particular one. Read more

Executives from Binance, a prominent cryptocurrency exchange, are reported to have informed their top market makers about a potential $4.3 billion settlement with U.S. authorities before it was made public, according to a Bloomberg report published on December 1. During an exclusive dinner held in Singapore in September, Binance traders were apparently given insight into a tentative agreement between the crypto exchange and U.S. officials, roughly two months ahead of the public announcement. Some Binance executives allegedly reassured certain traders that the exchange had the financial capacity to cover the hefty $4.3 billion penalty and continue its operations. Interestingly, Binance’s CEO at the time, Changpeng “CZ” Zhao, was not present at the event. Instead, Richard Teng, who took over from Zhao after the settlement, was reported to be mingling with the guests. A Binance spokesperson disputed the accuracy of the portrayal of the VIP event but did not specify which aspects were incorrect. READ MORE: Coinbase Reports Surge in Law Enforcement Requests, with the U.S. Leading the Pack In September, as per Richard Teng’s posts on X (formerly Twitter), the former head of regional markets was indeed in Singapore for various events, including the Token2049 conference, the Milken Institute Asia Summit, the Singapore Grand Prix for Formula 1, and several side events. Additionally, Cointelegraph was scheduled to release an exclusive interview with the Binance CEO on December 3 at 6:00 pm UTC. As part of the settlement agreement, Binance is obligated to pay $4.3 billion to various U.S. authorities and regulators. Notably, CZ himself is personally responsible for paying $150 million to the U.S. Commodity Futures Trading Commission. At the time of this report, CZ was still on bail in the U.S., awaiting a court decision regarding his request to return to the United Arab Emirates before his sentencing in February. While the settlement largely resolves many of Binance’s legal issues in the U.S., Binance.US and CZ still face a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in June. Furthermore, a group of investors has initiated legal action against soccer star Cristiano Ronaldo for his involvement in promoting Binance nonfungible tokens (NFTs), which are alleged to be unregistered securities. Discover the Crypto Intelligence Blockchain Council

Cristiano Ronaldo is facing a $1 billion class action lawsuit in Florida for his involvement in promoting cryptocurrency exchange Binance. The lawsuit alleges that Binance sold unregistered securities and operated illegally in the US, and claims that Ronaldo used his celebrity status to drive traffic and investors to the platform. The plaintiffs argue that Ronaldo should have known his promotions were potentially illegal and that he financially benefited from driving traffic to Binance. The lawsuit also highlights Binance's alleged violations, including operating as an unregistered exchange and failing to implement anti-money laundering controls. Last November, Ronaldo released his NFT collection in partnership with Binance. The plaintiffs believe that compensation is the only way for victims to recoup their losses. The Securities and Exchange Commission has previously emphasized the importance of celebrities disclosing any compensation received for promoting crypto assets. Word Count: 140 Read more AI-generated news on: https://app.chaingpt.org/news

Binance VIP traders got sneak peek of US settlement: Report Executives of cryptocurrency exchange Binance reportedly gave a heads-up to its top market makers regarding a potential $4.3-billion settlement with authorities in the United States.According to a Dec. 1 Bloomberg report, Binance traders at an exclusive September dinner in Singapore were informed about a tentative deal the crypto exchange had with U.S. officials — roughly two months before the details were made public. Some Binance executives reportedly told certain traders at the event that the exchange could easily afford the $4.3-billion penalty to stay in business.According to Teng’s posts on X (formerly Twitter) from September, the then head of regional markets was in Singapore for the Token2049 conference, the Milken Institute Asia Summit, the Singapore Grand Prix for Formula 1 and “plenty of side events.” Cointelegraph will release an exclusive interview with the Binance CEO at 6:00 pm UTC on Dec. 3.As part of its settlement, Binance must pay $4.3 billion to various U.S. authorities and regulators, with CZ personally responsible for paying $150 million to the U.S. Commodity Futures Trading Commission. Zhao was still out on bail in the U.S. at the time of publication, as a court considered his request to return to the United Arab Emirates before sentencing in February.Though the settlement largely settles many of Binance’s legal troubles in the U.S., the exchange Binance.US and Zhao still face a lawsuit filed by the U.S. Securities and Exchange Commission in June. A group of investors has also filed suit against soccer star Cristiano Ronaldo for his role in promoting Binance nonfungible tokens (NFTs), allegedly unregistered securities.

Cardano co-founder Charles Hoskinson blasted U.S. regulators on Monday for labeling ADA and other cryptocurrencies as unregistered securities while giving bitcoin (BTC) a “complete pass” from the same level of scrutiny. According to the developer, Bitcoin could easily meet the legal criteria of an investment contract due to the “overly broad” nature of securities laws. How the SEC Defines a Security During a Monday livestream, one of Hoskinson’s viewers asked him to “talk about the SEC” – one of two chief U.S. market regulators behind a downpour of enforcement actions against the crypto industry this year. “Everything is a security right now, according to the SEC,” replied Hoskinson. Gary Gensler – chairman of the Securities and Exchange Commission (SEC) – has repeatedly suggested that the vast majority of cryptocurrencies besides bitcoin are securities. This creates legal hurdles for firms trying to do business with other coins, based on legal interpretations that many in the industry do not see as valid. “They would say Bitcoin and Ethereum were a security, if they could get away with it,” Hoskinson told viewers. “Baseball cards could be securities if they really wanted them to be.” When identifying securities, the SEC follows the “Howey Test,” which requires that an asset involve an investment of money in a common enterprise, with an expectation of profits based on the efforts of others. Gensler said earlier this year that non-Bitcoin cryptocurrencies almost certainly have a central group of entrepreneurs backing them, meeting securities criteria in a way that Bitcoin doesn’t. “At the most basic level, they are trying to promote their tokens and entice investors,” he told Intelligencer in an interview. Hoskinson’s Argument Hoskinson, however, says Bitcoin is centralized in other ways. “If you subpoena an attack on about three different entities, you could perform a 51% attack on Bitcoin because that’s the way the hash power works,” he claimed. The coin’s investors also largely share an “expectation of returns” said Hoskinson, referring to them as “orange-pill moon boys.” “Explain to me the fucking difference between Bitcoin and Ethereum and Cardano and the rest of the gang,” he continued. “Run the goddamn Howey Test on it.” Hoskinson supports U.S. Congress drafting new legislation to pass “clear rules” for crypto so that the industry will stop being a major target for regulators. Three of crypto’s largest exchange platforms – Binance, Coinbase, and Kraken – are currently being sued by the SEC for securities violations. The post Charles Hoskinson Pins Bitcoin Against Cardano in Light of Securities Discussion appeared first on CryptoPotato.

John Deaton revisited an old post of his on why digital assets cannot be regarded as securities.  The lawyer argued that secondary sales of digital assets cannot be securities, pointing to several U.S. court decisions.  His post comes in reaction to Cardano’s Charles Hoskinson complaint about the SEC’s application of the investment contract rule. In a recent post on X, John Deaton revisited an old post of his on why digital assets cannot be regarded as securities. His post follows a video by Cardano founder Charles Hoskinson, expressing his frustration with the U.S. Securities and Exchange Commission’s application of the investment contract theory.  In a thread posted in April, Deaton argued that “investment contract” is one of the most misunderstood legal terms. Noting the definition included in the Securities Act of 1933, the crypto lawyer mentioned that digital assets or software codes were not listed as securities.  He continued by listing cases where U.S. courts have ruled digital assets as not qualifying as securities, including Ripple’s recent victory and the SEC’s lawsuit against Telegram. He noted that the key term in those cases was “investment contract.” Deaton argued further that even if ICOs of digital assets qualified as securities, secondary sales cannot be held in the same regard. He backed this up by referencing the Supreme Court’s decision in the case of Howey, which established a legal definition for securities in the United States. There, the court decided that the subsequent sale of an asset, with zero involvement or knowledge of the company who issued it, cannot be deemed a security. Deaton continued, “Every Altcoin arguably starts out as a security when it’s first distributed, ICO or not. When Satoshi was the only miner of #Bitcoin (or one of a few) and had he offered 100K #BTC for sale for $100K USD, it would have been an unregistered securities offering.”  Meanwhile, the crypto lawyer stated only Bitcoin maximalists would pick an issue with Hoskinson’s frustration with the SEC. “I’ve seen a few Maxis reply to Charles’ video with the same old arguments they made about XRP – the same arguments rejected by a federal judge sitting in the SDNY.” According to Deaton, what is needed is more clarity and coherence in the application of U.S. securities laws. Indeed, the securities law application has been a point of frustration within the crypto community, with members accusing the SEC of overstretching its application.  The post John Deaton Explains Why SEC Can’t Call Digital Assets Securities appeared first on Coin Edition.

Many of the sports star’s millions of friends, followers, and defenders are said to have been told to trade with the Binance platform. Cristiano Ronaldo, a world-renowned soccer player, is facing a class action lawsuit in Florida that aims to sue him for more than $1 billion in damages stemming from his association with the cryptocurrency exchange Binance. The complaint states that Binance was operating unlawfully in the US and offered securities that were not registered. The article states that Ronaldo used his famous status to attract investors and bring in visitors to the site. Adam Moskowitz, the plaintiffs’ attorney, claimed that “the binding legislation… throughout the nation, regulating mass advertising of bitcoin and unregistered securities, was recently clarified and overturned. He said that the new rules meant that “promoters like Cristiano Ronaldo, who have a financial interest in doing so for themselves or for the benefit of the securities issuer (Binance) financially, can be held liable under securities laws for using the internet and social media to call for a lot of cryptocurrency.” Binance is accused of many infractions in the case, such as running an unlicensed clearing agency and exchange, not reporting suspicious activities, and not having anti-money laundering measures in place. The cryptocurrency exchange Binance paid more than $4 billion in fines associated with these actions in early November. Ronaldo reaped financial benefits by directing traffic to Binance, according to the plaintiffs, who also claim that he should have known his advertising may have been unlawful. According to their claims, Ronaldo’s advertising was seen by over 100 million Binance users across various platforms, including TV and social media. “The lawsuit states that Ronaldo’s promotions encouraged his millions of followers, fans, and supporters to invest with the Binance platform, which in turn solicited investments in unregistered securities,” according to the statement. In November of last year, Ronaldo collaborated with Binance to launch his first NFT collection, “CR7,” in anticipation of the 2022 FIFA World Cup. The seven animated digital sculptures that made up the premium NFT series immortalized key events in Ronaldo’s remarkable career. An classic posture from Ronaldo’s childhood in Portugal, a breakthrough trick move (like his famous stepover), or a career-defining bicycle kick goal—all were featured on each rare NFT. Prices for the digital treasures started at around $77 and went all the way up to $10,000. An additional perk for new Binance users who used his promo code was a “CR7 Mystery Box” that may hold one of two unique NFTs. For every kind of NFT, there were 777,777 available.

Footballer Cristiano Ronaldo has been sued by three investors for promoting Binance’s unregistered sale of securities. The investors allege that Ronaldo has been responsible for their losses as his promotions prompted them to invest in Binance. The complaint claims that Ronaldo should have known about Binance’s sale of unregistered securities. Portuguese footballer Cristiano Ronaldo has been sued for actively promoting and participating in the sale of the deemed unregistered securities of Binance. In a $1 billion proposed class action lawsuit filed on November 27, three investors, claiming to have suffered losses from Binance, accused Ronaldo of being partially responsible for their losses. Reportedly, Ronaldo entered into a strategic partnership with Binance last year, promoting Binance’s NFT collections. The lawsuit alleged that Ronaldo’s fame and influence had driven Binance to reach remarkable heights, prompting his 850 million+ followers to invest in the exchange. The plaintiffs argued, Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform. The complaint also sheds light on the gigantic growth of Binance immediately after Ronaldo’s promotion. For instance, there has been more than a 500% increase in individuals who search Google for the keyword “Binance” following Ronaldo’s involvement in the NFT sale. The accusers, namely, Michael Sizemore, Mikey Vongdara, and Gordon Lewis, argued that Ronaldo, who boasts “investment experience and vast resources to obtain outside advisers,” should have known about the platform’s sale of unregistered securities. These investors ask for financial compensation for the losses and legal expenses via the lawsuit. The allegations came in light of the recent incidents involving Binance and its former CEO, Changpeng Zhao, that shook the whole crypto community. The platform had been under scrutiny by U.S. regulators for the unregistered sale of securities. In a $4.3 billion settlement, Zhao pleaded guilty to breaching anti-money laundering rules and resigned from his position as the CEO of Binance. The post Cristiano Ronaldo’s Partnership with Binance Results in a Lawsuit appeared first on Coin Edition.