menuIcon
$ 103,901.7
BTC
$ 103,901.7
-0.68 %
$ 2,542.66
ETH
$ 2,542.66
1.06 %
$ 0.8335
ADA
$ 0.8335
4.09 %
$ 687.51
BNB
$ 687.51
4.57 %
$ 174.71
SOL
$ 174.71
0.36 %
Sonakshi Saxena
Dec 1, 2023
by Sonakshi Saxena

Ronaldo Hit with $1B Lawsuit on Binance NFTs

$1B Lawsuit

Table of contents

  1. Ronaldo Faces Lawsuit Over Undisclosed Binance Partnership Compensation
Portuguese football icon Cristiano Ronaldo is facing a class-action lawsuit seeking a minimum of $1 billion in damages over his involvement in promoting non-fungible tokens (NFTs) linked to the troubled cryptocurrency exchange Binance. The lawsuit, filed in a federal court in the Southern District of Florida, alleges that Ronaldo's promotion of Binance was deceptive and unlawful, leading investors into risky and costly investments. The suit claims that Binance's fraudulent activities involved the sale of unregistered securities, facilitated by partnerships with influential figures like Ronaldo.

Ronaldo launched his inaugural NFT collection, "CR7," in collaboration with Binance in November the previous year, featuring animated statues depicting iconic moments from his life. The lawsuit contends that Ronaldo's promotional efforts led to a significant increase in online searches for "Binance" and a successful sell-out of premium-level NFTs within a week.

Ronaldo Faces Lawsuit Over Undisclosed Binance Partnership Compensation

The legal action asserts that Ronaldo should have disclosed the compensation received from Binance for the partnership, citing the U.S. Securities and Exchange Commission's requirement for public disclosure of payments made to celebrities endorsing securities, including crypto assets.

This lawsuit follows Binance's recent settlement of approximately $4 billion over allegations of operating as an unregistered securities exchange. Ronaldo continues to promote Binance on his official platforms, and the legal action against him mirrors similar cases involving celebrities in the crypto industry. Despite the legal challenges, Ronaldo remains one of the world's wealthiest and most recognizable athletes, currently playing for the Saudi Arabian professional team Al Nassr.

Follow us on: News
$1B Lawsuit Ronaldo Binance NFTs
Ronaldo Hit with $1B Lawsuit on Binance NFTs
Sonakshi Saxena
Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

Top Picks