Cristiano Ronaldo, MLB, and Mercedes F1 Hit with Litigation Re | CRYPTOLOGY

Cristiano Ronaldo, MLB, and Mercedes F1 Hit with Litigation Relating to Binance

Four recent class action lawsuits were filed against high-profile organizations and individuals for promoting the crypto exchanges, according to court documents filed in Miami on Monday.

Cristiano Ronaldo, Major League Baseball, F1, and Mercedes-Benz and global advertising agency, Dentsu, are among the defendants listed.

The litigations come less than a month after FTX founder, Sam Bankman-Fried, was found guilty on seven different fraud-related charges in Manhattan federal court and less than a week after Binance founder, Changpeng “CZ” Zhao pleaded guilty to violating numerous federal statutes, including the Bank Secrecy Act.

Three of the lawsuits involve numerous organizations accused of “aiding and abetting and/or actively participating in the massive, multi-billion dollar fraud” committed by FTX through advertising the company as a safe and reputable exchange. The remaining lawsuit alleges Ronaldo, who partnered with Binance, “engaged in mass solicitation of investments in unregistered securities on behalf of Binance.”