Cristiano Ronaldo might have to face a class lawsuit seeking to get at least $1 billion from the Portuguese soccer star for his role in promoting the NFTs issued by one of the world’s largest cryptocurrency exchanges, Binance.
Cristiano Ronaldo sued for promoting crypto exchange Binance
The lawsuit has been filed at the federal court of Florida’s Southern District, which says that Ronaldo’s promotion of Binance’s issued NFTs was unlawful and deceptive. The plaintiff has said that Binance deals with high-profile figures like Ronaldo to lure big investors into investing in unsafe securities.
Both Ronaldo and Binance have not commented on this yet. Cristiano Ronaldo launched his NFTs on Binance, named NFT “CR7,” in November last year ahead of World Cup 2022. The starting prices of the NFTs ranged from $77 to $10,000. They featured seven animated statues depicting Ronaldo of the iconic moments from the superstar’s life, from bicycle-kick goals to his childhood memories in Portugal.
The suit further said that this Banance Ronalando partnership has increased search volume with the keyword “Binance,” and the premium NFTs of the player have been sold out within just a week of their launch.
However, over the summer, the largest crypto exchange, Binance, was accused of operating as an unregistered security exchange, which violates the security laws of the US, and the company has agreed to pay around $4 billion for the settlement. Also, the founder of Binance, Changpeng Zhao, has stepped down from his role as CEO after pled guilty to money laundering a couple of weeks earlier.