Cristiano Ronaldo Faces $1 Billion Lawsuit Over Binance NFT Promotion
Cristiano Ronaldo, the world-renowned football star, is now embroiled in a legal battle due to his promotional partnership with the leading cryptocurrency exchange, Binance.
In late May 2024, Ronaldo signed a high-profile deal with Binance to promote the NFT collection "Forever Worldwide: The Road to Saudi Arabia." The campaign culminated in a high-stakes auction on June 14, showcasing rare and exclusive NFTs. This collection marked the fourth collaboration between Ronaldo and Binance, with previous collections highlighting key moments from his illustrious career across Madeira, Lisbon, Manchester City, Madrid, Turin, Saudi Arabia, and Portugal.
Ronaldo initially partnered with Binance in October 2023 to promote the "ForeverZone" collection. However, by November of that year, he faced accusations of promoting unregistered securities, allegedly encouraging his fans and investors to engage in risky cryptocurrency transactions without fully disclosing the potential dangers.
The class action lawsuit against Ronaldo accuses him of negligence and of failing to warn his followers about the risks associated with trading on Binance. The plaintiffs argue that Ronaldo's involvement led to a staggering 500% increase in inquiries about Binance's services.
On May 4, 2024, Ronaldoâs legal team requested the court to dismiss the class action lawsuit. However, just a day earlier, it was reported that Judge Roy Altman had ruled in favor of the plaintiffs, allowing the case to proceed. The plaintiffs are seeking $1 billion in damages from Ronaldo.
This lawsuit underscores the growing scrutiny on celebrity endorsements in the cryptocurrency space and highlights the potential legal ramifications of promoting digital assets without adequately addressing the associated risks. $BNB
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