Cristiano Ronaldo, the biggest football player is facing legal case in United State. He came to this legal issue due to promotion of Binance Exchange.
Ronaldo was involve in the NFT promotion in Nov 2023. He was promoting CR7 NFT token. Actually it was the first NFT project announced by Binance exchange.
Cristiano Ronaldo was the first promoter of the NFT token with Binance collaboration. Binance is the world's largest cryptocurrency exchange.
Why Footballor Cristiano Ronaldo Facing Legal Issues for Promoting Binance Exchange Ads
Cryptocurrency and other security investment is subjected to market risk. As per the SEC ( Security and Exchange Commission of India ) person promoting Investment related products should be certified Investment advisor for SEC.
This is very similar to SEBI (Security and Exchange Board of India) which regulate security and Investment in India.
Recently Baap of Chart YouTube channel owner is fined and banned for promoting course without any Valid documents.
So, same case happened with the greatest football player Cristiano Ronaldo for promoting CR7 NFT.
Actually, Cristiano is a football player. He has experience related to football. He has no expertise for investment advice.
Investors may suffer great loss due to his advice.
Investors Lose $1B
Ronaldo has huge fan following. In his ad he used to say that we are going to change NFT game and taking football to the next level.
So, his fans lose approx $1B due to his advice. Actually CR7 is going through its down tern. So investors making loss.
Crypto is very volatile and NFT were new that time.
0 Comments