Lawsuit Alleges Cristiano Ronaldo Owes $1B over Binance NFTs
The world of cryptocurrency has been marred by scandal and controversy in recent years, and now it seems that even the beloved soccer star Cristiano Ronaldo has found himself at the center of a legal battle. A class-action lawsuit has been filed seeking at least $1 billion in damages for Ronaldo’s role in promoting non-fungible tokens (NFTs) issued by the cryptocurrency exchange Binance. The lawsuit, filed in federal court in the Southern District of Florida, alleges that Ronaldo’s promotion of Binance was “deceptive and unlawful.” This article will delve into the details of the lawsuit, Ronaldo’s involvement with Binance, and the wider implications for both the world of sports and the cryptocurrency industry.
Cristiano Ronaldo Faces $1 Billion Lawsuit Over Crypto Promotion
Portuguese soccer star Cristiano Ronaldo is facing a class-action lawsuit seeking at least $1 billion in damages for his role in promoting cryptocurrency-related “non-fungible tokens,” or NFTs, issued by the cryptocurrency exchange Binance. The lawsuit alleges that Ronaldo’s promotion of Binance was “deceptive and unlawful.”
Ronaldo launched his inaugural NFT “CR7” collection with Binance in November of last year, ahead of the 2022 World Cup. The NFTs featuring animated statues depicting Ronaldo from iconic moments in his life sold out within the first week, leading to a 500% increase in online searches for “Binance” after the announcement.
The lawsuit also alleges that Ronaldo should’ve disclosed how much Binance has paid him for the partnership, as federal law requires celebrities to publicly disclose how much they’re getting paid to promote securities, including crypto assets.
This isn’t the first time that a celebrity has faced litigation over crypto promotions. Last year, Hollywood and sports stars were named as defendants in a class-action suit against FTX, and now Ronaldo is facing a similar lawsuit over his promotional efforts with Binance.
Ronaldo, who is one of the most recognizable and wealthiest athletes in the world, continues to promote Binance on his official website and social media platforms, despite the ongoing legal issues with the cryptocurrency exchange.
