Ronaldo hit with $1 billion lawsuit for Binance promotion

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PORTUGAL, Dec 2: Portuguese football star Cristiano Ronaldo is facing a class-action lawsuit seeking a minimum of $1 billion in damages for his involvement in endorsing cryptocurrency-related non-fungible tokens (NFTs) from the troubled cryptocurrency exchange Binance. Filed in a federal court in the Southern District of Florida on Monday, the lawsuit alleges that Ronaldo’s promotion of Binance was “deceptive and unlawful,” leading investors into risky and costly investments.

The legal action claims that evidence exposes Binance’s fraudulent activities, facilitated by offering and selling unregistered securities, with the collaboration of influential organizations and celebrities, including Ronaldo. The lawsuit argues that Binance’s partnership with high-profile figures played a role in luring investors into unsafe investments.

Ronaldo’s NFT collection, “CR7,” launched in collaboration with Binance in November of the previous year, showcased animated statues depicting iconic moments from the footballer’s life. The lawsuit contends that Ronaldo should have disclosed the amount paid by Binance for the partnership, citing U.S. Securities and Exchange Commission regulations requiring such disclosures.

Despite a reported 500% surge in online searches for “Binance” following the announcement of Ronaldo’s NFTs, the lawsuit claims that Binance’s fraudulent activities, including operating as an unregistered securities exchange, have since come to light. Binance recently agreed to a $4 billion settlement and saw its founder step down amid allegations of violating U.S. securities laws.

This legal action against Ronaldo follows a trend where celebrities, including Larry David and Tom Brady, have faced litigation over their involvement in crypto promotions. Ronaldo, a globally recognized athlete, continues to promote Binance on his official platforms, with recent activity on social media hinting at ongoing collaborations with the cryptocurrency exchange.

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