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Soccer Great Ronaldo Latest Star Sued for Role Promoting Crypto

In late 2022, soccer superstar Cristiano Ronaldo launched a partnership with cryptocurrency exchange platform Binance to promote the sale of non-fungible tokens (NFTs) and other digital assets. A year later, Binance has pleaded guilty to willfully violating federal money laundering laws and agreed to pay more than $4.3 billion in penalties and forfeiture to settle the charges.

Both the Securities and Exchange Commission and the Commodity Futures Trading Commission filed suits against Binance alleging they sold unregistered securities to investors and traded unregistered crypto derivatives.

In this Chicago Daily Law Bulletin article written by Douglas Masters, managing partner of Loeb & Loeb’s Chicago office, and Advanced Media & Technology partner Seth Rose, the authors highlight a broader trend as athletes face lawsuits for endorsing cryptocurrency platforms implicated in wrongdoing, raising questions about athletes liability as brand endorsers in the cryptocurrency market.

To read the full article, please visit the Chicago Daily Law Bulletin’s website (subscription required).