A class action lawsuit filed on November 27, 2023, alleged that Cristiano Ronaldo “promoted, assisted, and actively participated in the offer and sale of unregistered securities in coordination with Binance.’’

Real Research, an online survey app, revealed that 72% of respondents were aware of Cristiano Ronaldo facing a lawsuit over Binance ads, and 28% were unaware.

Highlights:

  • 8 out of 10 respondents think there is a need for enhanced consumer education about celebrities endorsing cryptocurrencies.
  • Celebrity endorsements influence investment decisions in cryptocurrencies, according to 87% of respondents.
  • 81% of respondents think Cristiano Ronaldo should be held accountable for promoting crypto exchanges that face legal issues.

Ronaldo Facing a Lawsuit Over Binance Ads 

The majority, 87% of respondents (moderate influence: 48.88% + large influence: 38.6%), think celebrity endorsements can influence individuals’ decisions to invest in cryptocurrencies or related products, while 13% of respondents do not think so.

influence-of-celebrity-endorsements-on-individuals-decisions-to-invest-in-cryptocurrencies
Figure 1: The influence of celebrity endorsements on individuals decisions to invest in cryptocurrencies

Read Also: SEC’s Lawsuit Against Binance Would Affect (43%) Respondents’ Trust and Confidence

The Lawsuit Against Cristiano Ronaldo

81% of respondents (probably: 47.3% + definitely: 34.15%) believe Cristiano Ronaldo should be held accountable for promoting cryptocurrency exchanges that later go through legal issues. On the contrary, 18.82% of respondents (probably not: 14.45% + definitely not: 4.37%) do not believe that he should be held accountable.

Whether-Ronaldo-should-be-held-accountable-for-endorsing-crypto
Figure 2: Whether Ronaldo should be held accountable for endorsing crypto exchanges facing legal issues.

Respondents were asked whether celebrities should be more cautious about endorsing financial products like cryptocurrencies, given the potential legal implications and risks involved. They answered, “agree” (47.83%), “strongly agree” (35.30%), “disagree” (14.55%), and “strongly disagree (2.32%), respectively.

Public Opinion On Ronaldo Facing a Lawsuit Over Binance Ads

The Security Exchange Commission (SEC) Chairman Gensler emphasized the need for celebrities to disclose their payment sources and amounts when promoting securities investments. The claimants alleged that Ronaldo was to disclose how much he was being paid, but he did not.

In light of this, a survey on public opinion on Ronaldo facing a lawsuit over Binance ads revealed that 58.23% of respondents felt that he should disclose how much he was being paid for the Binance partnership, while 41.77% did not think so. 

Read Also: Majority of Respondents (66%) Concerned About French Authorities Allegations of Money Laundering Against Binance

Introduction of Enhanced Consumer Education

The majority (87%) of respondents think there is a need for enhanced consumer education on celebrities endorsing cryptocurrencies, considering Ronaldo facing a lawsuit over Binance ads. 11% of respondents were neutral, and 2% believed there was no need for enhanced consumer education.

need-for-enhanced-consumer-education
Figure 3: Respondents on whether there is a need for enhanced consumer education

Methodology

Survey TitlePublic Opinion On Ronaldo Facing Lawsuit Over Binance
DurationDecember 14 – December 21, 2023
Number of Participants6,000
DemographicsMales and females, aged 21 to 99
Participating Countries Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia,… Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.