Cristiano Ronaldo is being prosecuted for Pinance

Cristiano Ronaldo

is being prosecuted for Pinance

Cristiano Ronaldo faces a class-action lawsuit accusing him of

promoting the platform "Pinance"

for cryptocurrencies and unregistered securities.

The case was filed in

November with a Florida court

where prosecutors allege that Ronaldo promoted and participated in

the offer and sale of unregistered securities in cooperation with Pinance.

In mid-2022

Ronaldo collaborated

with Pinance in a long-term partnership to promote

a series of non-replaceable currency codes (NFTs)

associated with the platform. These codes included

at least three groups associated with Pinance's.

The lawsuit alleges that

people who obtained Ronaldo's non

replaceable codes became more vulnerable to other use of

the Pinance platform, including investing in unregistered securities

such as BNB

and the profit programs available on the platform.

The lawsuit alleges that

users who obtained Ronaldo's non-replaceable codes

were more likely to use Pinance for other purposes

such as investing in

what they claim to be unregistered securities

including BNB and its profit programs.

Ronaldo's promotions

have sought

or helped Pinance to solicit investment in unregistered securities

by encouraging millions of his followers, fans and supporters to

invest in the Pinance platform."

The lawsuit says Ronaldo was a key part of Pinance's growing popularity

because of his influence and reach, with 850 million followers on social media.

The plaintiffs also allege that his sales of

non-replaceable codes were "incredibly successful"

in promoting the stock exchange, with a 500% increase in searches

for Pinance the week after the initial sale.

The lawsuit

cited the directives of the U.S.

Securities and Exchange Commission (SEC)

which warns celebrities about the need to

disclose payments received to promote cryptocurrencies

stating that Ronaldo did not abide by the laws.

It should be noted that

the plaintiffs in the class action are Michael Sizemore

Mikey Vongdara and Gordon Lewis

who seek damages and funds to cover legal fees.

At the same time

Pinance and its founder Changping Zhao face their own legal problems

recently pleading guilty and agreeing to a $4.3 billion settlement

for the United States Government, for violations of

anti-money laundering and unregistered money transfer laws.

Under the settlement

Zhao stepped down as CEO

 and faces up to 18 months' imprisonment.

Benance also approved up to

five years of surveillance by the U.S. 

Department of Justice and the Treasury Department

to ensure compliance.

In addition to the above

the SEC sued Pinance, alleging (among other charges)

that it sold unregistered securities and reportedly investigating

 whether Pinance misappropriated clients' funds.