Binance users to employ creative methods in class-action lawsuit
Binance users, who filed a class-action lawsuit against Cristiano Ronaldo for promoting the cryptocurrency, are now looking to serve through other viable channels, including the elusive soccer player X (ex-Twitter).
The petition filed on January 16, 2024 argues for an alternative service due to the problem of traditional methods. Their proposal included e-mail, X and website publication, stating that it would comply with international conventions and provide notice to the accused.
The motion highlights the uncertainty surrounding Ronaldo's current address in Saudi Arabia and says the Hague Convention does not prohibit these methods of service, especially when the individual's address is unknown.
According to the request, the plaintiffs created a separate website for the case materials, which were then “sent not only to defendant Ronaldo's verified Twitter accounts, but also to the email address of his in-house counsel involved in the ongoing US federal litigation.”
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It's a class-action lawsuit against claims that Binance customers suffered losses by promoting the crypto exchange. In the year The lawsuit filed in Florida District Court on November 27, 2023 alleges that Ronaldo “promoted, assisted and/or actively participated in the offering and sale of unregistered securities in coordination with Binance.
The lawsuit cites U.S. Securities and Exchange Commission guidelines that require celebrities to disclose payments they receive for promoting cryptocurrencies, which Ronaldo claims he failed to do. Binance has entered into a multi-year partnership with Ronaldo in mid-2022 to launch a series of his non-vulnerable tokens, with at least three of the soccer star's stocks tied to Binance.
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