Binance users who initiated a class-action lawsuit against Cristiano Ronaldo for his endorsement of the cryptocurrency exchange are exploring alternative avenues to serve legal documents, given the challenges in reaching the elusive footballer. This includes considering channels such as X (formerly Twitter).
The motion, filed on January 16, 2024, sought substituted service, citing difficulties with conventional methods. The proposal suggested using emails, X, and website publishing as means of providing notice to the defendant, asserting that this approach aligns with international protocols. The plaintiffs set up a dedicated website for case materials, intending to send notifications not only to Ronaldo's verified Twitter account but also to the email addresses of his domestic attorneys involved in the ongoing U.S. federal litigation.
The class-action lawsuit contends that Binance users incurred losses due to Ronaldo's promotion of the cryptocurrency exchange. Documents submitted to the Florida District Court on November 27, 2023, claim that Ronaldo collaborated with Binance to support the issuance and sale of unregistered securities.
Citing guidance from the U.S. Securities and Exchange Commission, which emphasizes the disclosure of payments received for promoting cryptocurrencies, the complaint alleges that Ronaldo failed to adhere to these regulations. Binance and Ronaldo announced a multi-year partnership in mid-2022, unveiling plans for a series of non-fungible tokens, with at least three collectibles featuring the football star connected to Binance.
