Ronaldo has been sued over an advertisement
According to CoinTelegraph, star footballer Cristiano Ronaldo is being sued over a cryptocurrency exchange advertisement. The lawsuit was filed in the Florida district court, alleging that Ronaldo "actively participated in the offering and selling of unregistered securities."
Additionally, it's noted that Ronaldo failed to disclose information regarding compensation for endorsing cryptocurrencies, a practice recommended by the U.S. Securities and Exchange Commission (SEC) for all celebrities.
The source suggests that damages are being sought from the footballer, along with coverage of legal fees. It's worth mentioning that the cryptocurrency exchange Ronaldo collaborates with recently faced legal issues. Its founder and CEO, Changpeng Zhao, admitted to non-compliance with anti-money laundering (AML) rules and the Bank Secrecy Act (BSA).
As a consequence, the company is now mandated to pay over $4 billion to American regulators.
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