Suing Ronaldo: Binance Users To Employ Creative Tactics In A Class-Action Lawsuit

Here are some of the major developments in the world of cryptocurrencies over the past few days.
some of the major developments in the world of cryptocurrencies
some of the major developments in the world of cryptocurrencies

Cristiano Ronaldo finds himself at the centre of a class-action lawsuit initiated by Binance users who are employing unconventional tactics in their pursuit of the elusive soccer star. In a recent move, these users filed a motion on Jan. 16, 2024, seeking alternative channels, such as email and X (formerly Twitter), to serve legal documents to Ronaldo. The motion highlights the challenges posed by traditional methods, advocating for alternative service approaches like email, X, and website publication. It asserts compliance with international agreements while addressing the uncertainty surrounding Ronaldo's current address in Saudi Arabia, claiming that the Hague Conventions do not prohibit these service methods when the individual's address is unknown.

Amidst this legal pursuit, the plaintiffs have taken proactive steps by establishing a dedicated website for case materials. This platform aims to disseminate notifications not only to Ronaldo's verified Twitter accounts but also to the email addresses of his domestic counsel engaged in ongoing U.S. federal litigation. The class-action lawsuit stems from allegations that Binance clients suffered losses due to Ronaldo's involvement in promoting the crypto exchange. The Nov. 27, 2023 filing in a Florida district court contends that Ronaldo actively participated in the offer and sale of unregistered securities in collaboration with Binance. The lawsuit points out a lack of disclosure regarding payments received for endorsing cryptocurrencies, as advised by the U.S. Securities and Exchange Commission. This legal action follows Binance's mid-2022 multiyear partnership with Ronaldo, which included the announcement of nonfungible tokens tied to the soccer star's collections.

Fidelity Ether ETF delayed as more leveraged Bitcoin ETF bids flood in

Fidelity's bid for a spot Ethereum ETF faces a delay, coinciding with the submission of five new leveraged Bitcoin ETFs seeking approval from the U.S. Securities and Exchange Commission (SEC). The SEC announced an extension of the deliberation period for Fidelity's Ether ETF, citing the need for additional time to assess the proposed rule change and related issues. The decision is now expected on March 5, with some analysts, including Bloomberg's ETF analyst James Seyffart, anticipating that crucial dates for such ETFs lie in late May, coinciding with the SEC's final deadline for VanEck's Ether ETF approval. Seyffart noted this delay was anticipated and suggested potential simultaneous approvals for multiple spot Ether ETFs, akin to past approvals for spot Bitcoin ETFs.

Concurrently, Direxion joined the competition by filing for five Bitcoin ETFs on January 18, offering both long and short-leveraged options. This move follows similar filings by ProShares and REX Shares in recent days, signalling a trend toward an increase in leveraged Bitcoin ETF applications. Bloomberg's ETF analyst Eric Balchunas remarked on the likelihood of leveraged Bitcoin ETFs outnumbering long-only options, a phenomenon that appears unprecedented. Opinions diverge on the approval prospects for spot Ether ETFs, with Balchunas expressing a 70% chance of approval by May, aligned with VanEck's deadline. However, Morgan Creek Capital's CEO Mark Yusko suggests the SEC's cautious stance on cryptocurrencies may persist, potentially classifying Ethereum as a security, unlike Bitcoin, which the SEC considers a commodity according to Chair Gary Gensler.

Binance prioritizes Web3 education to further adoption and financial innovation sustainably

In the dynamic landscape of digital finance, Binance is placing a significant emphasis on fostering accessible education around Web3 and cryptocurrencies. Recognizing the evolving nature of the digital finance world, Binance, the world's largest crypto exchange by trading volume, is actively contributing to the blockchain ecosystem's educational resources. The goal is to make blockchain and Web3 education more accessible to a diverse audience, with a focus on driving sustainable adoption and financial innovation.

As interest and participation in digital finance increase, the importance of Web3 and blockchain education becomes evident. Binance's commitment to education is exemplified through initiatives like the Binance Academy, a digital learning platform launched in 2018. Providing a wealth of free online resources, including courses, articles, and interactive programs, the academy aims to bridge the knowledge gap for users ranging from novices to those with intermediate blockchain and cryptocurrency knowledge. Beyond digital platforms, Binance collaborates with educational institutions globally to integrate blockchain education into academic curriculums, and conduct workshops, and seminars. Through such initiatives, Binance aims not only to educate the next generation of blockchain talent but also to contribute to the widespread understanding and adoption of Web3 technologies, shaping the future of digital finance.

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