Cristiano Ronaldo faces $1bn lawsuit for promoting NFTsRonaldo has been hit with a billion dollar class-action lawsuit over his role in promoting the beleaguered cryptocurrencyCristiano Ronaldo has been hit with class-action lawsuit seeking at least $1 billion (£790m) in damages for his role in promoting cryptocurrency-related “non-fungible tokens,” or NFTs, issued by the beleaguered cryptocurrency exchange Binance.
The lawsuit, filed in federal court in the Southern District of Florida Monday, accuses Ronaldo's promotions of Binance of being “deceptive and unlawful.” Binance's partnership with high-profile figures like Ronaldo, the plaintiffs claim, caused them to make costly and unsafe investments.Close
Ronaldo Faces $1 Billion Lawsuit Over Binance Ads
Sign up to Miguel’s Delaney’s free weekly newsletter
SIGN UP
I would like to be emailed about offers, events and updates from The Independent. Read our privacy notice
Cristiano Ronaldo has been hit with class-action lawsuit seeking at least $1 billion (£790m) in damages for his role in promoting cryptocurrency-related “non-fungible tokens,” or NFTs, issued by the beleaguered cryptocurrency exchange Binance.
The lawsuit, filed in federal court in the Southern District of Florida Monday, accuses Ronaldo's promotions of Binance of being “deceptive and unlawful.” Binance's partnership with high-profile figures like Ronaldo, the plaintiffs claim, caused them to make costly and unsafe investments.
“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,” the suit reads.
Representatives for Ronaldo and Binance, the world's largest cryptocurrency exchange, did not immediately return The Associated Press' requestRonaldo launched his inaugural NFT “CR7” collection with Binance back in November of last year, ahead of the 2022 World Cup. The NFTs, which had 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.s for comment.
