Cristiano Ronaldo Faces $1 Billion Lawsuit Over Binance & NFT Endorsement.

By Kwame
Published 01/12/2023
Cristiano Ronaldo Faces $1 Billion Lawsuit Over Binance & NFT Endorsement.

Portuguese football superstar Cristiano Ronaldo is currently embroiled in a legal battle in the United States, facing a class action lawsuit with claims amounting to a staggering $1 billion. This lawsuit stems from his promotional activities for Binance, the world’s largest cryptocurrency exchange, particularly focusing on their non-fungible tokens (NFTs).

Cristiano Ronaldo’s NFT collection comprised a series of animated NFT statues that showcased significant moments from his illustrious football career. This collection, named “CR7” after Ronaldo’s well-known brand, was his inaugural venture into the realm of NFTs and was timed to coincide with the 2022 World Cup.

Enormous losses were sustained by those who bought his NFT, particularly those relatively new to Binance’s exchange. The crux of the lawsuit alleges that Ronaldo’s endorsement significantly boosted public interest in Binance, evidenced by a 500% increase in searches for the exchange. The plaintiffs argue that this surge in interest, driven by Ronaldo’s high-profile promotion, led many to invest in what they term “unregistered securities,” including Binance’s own cryptocurrency, BNB.

The legal claim centres on the premise that these investments, influenced by Ronaldo’s endorsement, resulted in substantial financial losses for the plaintiffs. As a result, they are seeking damages in excess of $1 billion, marking a significant legal challenge for the renowned footballer. The case presents a complex intersection of celebrity endorsements, cryptocurrency investments, and regulatory considerations.

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