Cristiano Ronaldo’s $1bn Binance lawsuit is a warning to sports stars and celebrities
Jemma Fleetwood
Sat, 2 December 2023
Nassr's Portuguese forward #07 Cristiano Ronaldo reacts to a missed chance during the Saudi Pro League football match between Al-Nassr and Al-Akhdoud in Riyadh's Al-Awal Park Stadium on November 24, 2023. (Photo by AFP) (Photo by -/AFP via Getty Images)
Binance ambassador Ronaldo faces a $1bn lawsuit from customers who say they have lost money
Cristiano Ronaldo is facing a $1bn legal claim in the state of Florida for damages in relation to endorsing Binance and NFTs, as well as failing to disclose how much he was paid for such promotion.
The Portuguese football superstar is essentially being blamed for the plaintiff’s losses which were incurred when investments they purchased on Binance’s platform plummeted in value.
They claim that these losses were a direct result of being encouraged by Ronaldo to purchase investments on the cryptocurrency exchange, which has been accused of engaging in unfair and deceptive practices.
Recent posts by both the footballer and Binance suggest that they are continuing to collaborate, too.
It is difficult to predict what the outcome of the legal claim will be at this stage, as Ronaldo may well choose to try and settle the matter before it reaches a trial.
These are usually held in the public domain and the former Manchester United player would be required to give evidence when defending the case at trial.
His celebrity status would attract a significant amount of media attention in the legal proceedings, however a sum in the region of $1bn may mean that an early settlement cannot be reached.
As a result, Ronaldo may be forced to litigate the case and defend his position at a trial.
It is not clear what his defence will be but the next stage of the proceedings will be for the 38-year-old and his legal team to prepare and lodge his defence with the court.
If the matter reached a trial and the plaintiffs bringing this case were to win, Ronaldo would likely be ordered to pay damages and could be held personally liable for the plaintiffs’ losses.
These types of cases have been brought previously against high-profile figures such as Kim Kardashian, who settled a claim against her for promoting cryptocurrency Ethereum Max on social media and failing to disclose that she had been paid for the promotion.
Kardashian eventually settled her case out of court, which meant that she did not face a lengthy public trial, but this really is a warning to sports stars, celebrities and influencers entering into promotional agreements that they should cover all bases and obtain legal advice before promoting investments or products online.
This latest development underlines that high-profile figures should always ensure they are acting in accordance with laws and have disclosed all necessary information. There is no substitute for good legal advice when entering into these arrangements.
Jemma Fleetwood is digital asset specialist lawyer at JMW Solicitors.
Jemma Fleetwood
Sat, 2 December 2023
Nassr's Portuguese forward #07 Cristiano Ronaldo reacts to a missed chance during the Saudi Pro League football match between Al-Nassr and Al-Akhdoud in Riyadh's Al-Awal Park Stadium on November 24, 2023. (Photo by AFP) (Photo by -/AFP via Getty Images)
Binance ambassador Ronaldo faces a $1bn lawsuit from customers who say they have lost money
Cristiano Ronaldo is facing a $1bn legal claim in the state of Florida for damages in relation to endorsing Binance and NFTs, as well as failing to disclose how much he was paid for such promotion.
The Portuguese football superstar is essentially being blamed for the plaintiff’s losses which were incurred when investments they purchased on Binance’s platform plummeted in value.
They claim that these losses were a direct result of being encouraged by Ronaldo to purchase investments on the cryptocurrency exchange, which has been accused of engaging in unfair and deceptive practices.
Recent posts by both the footballer and Binance suggest that they are continuing to collaborate, too.
It is difficult to predict what the outcome of the legal claim will be at this stage, as Ronaldo may well choose to try and settle the matter before it reaches a trial.
These are usually held in the public domain and the former Manchester United player would be required to give evidence when defending the case at trial.
His celebrity status would attract a significant amount of media attention in the legal proceedings, however a sum in the region of $1bn may mean that an early settlement cannot be reached.
As a result, Ronaldo may be forced to litigate the case and defend his position at a trial.
It is not clear what his defence will be but the next stage of the proceedings will be for the 38-year-old and his legal team to prepare and lodge his defence with the court.
If the matter reached a trial and the plaintiffs bringing this case were to win, Ronaldo would likely be ordered to pay damages and could be held personally liable for the plaintiffs’ losses.
These types of cases have been brought previously against high-profile figures such as Kim Kardashian, who settled a claim against her for promoting cryptocurrency Ethereum Max on social media and failing to disclose that she had been paid for the promotion.
Kardashian eventually settled her case out of court, which meant that she did not face a lengthy public trial, but this really is a warning to sports stars, celebrities and influencers entering into promotional agreements that they should cover all bases and obtain legal advice before promoting investments or products online.
This latest development underlines that high-profile figures should always ensure they are acting in accordance with laws and have disclosed all necessary information. There is no substitute for good legal advice when entering into these arrangements.
Jemma Fleetwood is digital asset specialist lawyer at JMW Solicitors.
Erdogan weighs in on bank scam involving Turkish stars
AFP
Sat, 2 December 2023
Legendary Turkish coach Fatih Terim led Galatasaray to UEFA Cup glory in 2000 (PHILIPPE HUGUEN)
President Recep Tayyip Erdogan on Saturday urged Turks to steer clear of pyramid schemes as a scandal raged at a top bank that allegedly defrauded celebrities and football stars of millions of dollars.
Turkey's media has been filled with headlines for days about the troubles at privately-owned Denizbank.
Court documents reported by Turkish media show that one of the bank's Istanbul branch managers orchestrated a $44-million scheme that promised 250-percent returns for those willing to hand over piles of cash.
The failed fund bore the name of Turkey's legendary football coach Fatih Terim and allegedly defrauded stars such as former Barcelona midfielders Arda Turan.
Terim gained hero status by leading Istanbul's Galatasaray to the UEFA Cup title in 2000.
He has not said anything in public about the scandal.
The Istanbul branch bank manager who created the fund, and reportedly received bags full of dollars from celebrities and players, said that Denizbank managers knew about the scheme.
Denizbank has denied the claim and said it has launched an internal audit to investigate the fund's collapse.
Erdogan said Saturday that "investigations into the suspects mentioned in this case continue".
"Turkey is a state of law and whoever commits unlawful acts will be punished," Erdogan said in comments released by his office.
"Our citizens should not fall into the traps of fraudsters who offer high profits in a short time with the promise of easy money," he said.
Istanbul prosecutors are seeking more than 200 years in prison for Denizbank branch manager Secil Erzan for allegedly organising the scam.
Erzan reportedly launched the fund last year to help drum up cash to cover up past investment losses.
Denizbank said in a statement that it "first became aware of the issue when a complainant, who is also our customer, came to the branch" in April.
The bank added that "the amounts in question are not significant in terms of the size for the bank's" total assets.
Denizbank now operates as a local unit of the Emirates NBD.
The Dubai-based lender purchased it from Russia's state-owned Sberbank in 2019.
zak/fg
AFP
Sat, 2 December 2023
Legendary Turkish coach Fatih Terim led Galatasaray to UEFA Cup glory in 2000 (PHILIPPE HUGUEN)
President Recep Tayyip Erdogan on Saturday urged Turks to steer clear of pyramid schemes as a scandal raged at a top bank that allegedly defrauded celebrities and football stars of millions of dollars.
Turkey's media has been filled with headlines for days about the troubles at privately-owned Denizbank.
Court documents reported by Turkish media show that one of the bank's Istanbul branch managers orchestrated a $44-million scheme that promised 250-percent returns for those willing to hand over piles of cash.
The failed fund bore the name of Turkey's legendary football coach Fatih Terim and allegedly defrauded stars such as former Barcelona midfielders Arda Turan.
Terim gained hero status by leading Istanbul's Galatasaray to the UEFA Cup title in 2000.
He has not said anything in public about the scandal.
The Istanbul branch bank manager who created the fund, and reportedly received bags full of dollars from celebrities and players, said that Denizbank managers knew about the scheme.
Denizbank has denied the claim and said it has launched an internal audit to investigate the fund's collapse.
Erdogan said Saturday that "investigations into the suspects mentioned in this case continue".
"Turkey is a state of law and whoever commits unlawful acts will be punished," Erdogan said in comments released by his office.
"Our citizens should not fall into the traps of fraudsters who offer high profits in a short time with the promise of easy money," he said.
Istanbul prosecutors are seeking more than 200 years in prison for Denizbank branch manager Secil Erzan for allegedly organising the scam.
Erzan reportedly launched the fund last year to help drum up cash to cover up past investment losses.
Denizbank said in a statement that it "first became aware of the issue when a complainant, who is also our customer, came to the branch" in April.
The bank added that "the amounts in question are not significant in terms of the size for the bank's" total assets.
Denizbank now operates as a local unit of the Emirates NBD.
The Dubai-based lender purchased it from Russia's state-owned Sberbank in 2019.
zak/fg
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