Ronaldo Faces $1 Billion Lawsuit After Promoting Binance NFTs

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" (NFTs) issued by the beleaguered cryptocurrency exchange Binance, as reported by the Associated Press (AP).

Ronaldo launched his inaugural NFT "CR7" collection with Binance in November of last year, ahead of the 2022 World Cup. I Photo: Cristiano Ronaldo Facebook

The lawsuit, filed in federal court in the Southern District of Florida on Monday, alleges that Ronaldo's promotion of Binance was "deceptive and unlawful." The plaintiffs claim that Binance's partnership with high-profile figures like Ronaldo led them into costly and unsafe investments.

The suit states, "Evidence now reveals that Binance's fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful, and recognized organizations and celebrities across the globe—just like Defendant Ronaldo."

Ronaldo launched his inaugural NFT "CR7" collection with Binance in November of last year, ahead of the 2022 World Cup.

The NFTs, with starting prices ranging from the equivalent of about $77 to $10,000, featured seven animated statues depicting Ronaldo from iconic moments in his life, from bicycle-kick goals to his childhood in Portugal.

According to the lawsuit filed on Monday, the promotional efforts of Ronaldo's Binance partnership were "incredibly successful," alleging a 500% increase in online searches using the keyword "Binance" after the soccer star's NFTs were announced. The collection's premium-level NFTs sold out within the first week, the suit claims.

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