Cristiano Ronaldo Facing $1B Class-Action Lawsuit for Promoting Binance NFTs
November 30, 2023
Portuguese soccer star Cristiano Ronaldo is facing a $1 billion class-action lawsuit relating to his promotion of non-fungible tokens (NFTs) issued by Binance, which is the world's largest cryptocurrency exchange, per the Associated Press (h/t ESPN).
The lawsuit, which was filed in the Southern District of Florida on Monday, accuses Ronaldo of being "deceptive and unlawful" in his promotion of Binance. The plaintiffs claim that the company's partnership with public figures like Ronaldo "led them into costly and unsafe investments," according to the AP.
"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 lawsuit reads.
The lawsuit also claims that Ronaldo's promotion of Binance was "incredibly successful" and that the company saw a 500 percent increase in online searches after his NFT collection was announced.
Additionally, the lawsuit claims that Ronaldo should have disclosed how much he was earning through his partnership with Binance because federal law requires celebrities to disclose such information on crypto and other securities.
Ronaldo launched a "CR7" NFT collection with Binance in November 2022 prior to the Qatar World Cup. The collection included seven animated statues showing Ronaldo "from iconic moments in his life, from bicycle-kick goals to his childhood in Portugal," per the AP.
The NFTs ranged from $77 to $10,000.
Cristiano Ronaldo @CristianoMy first ever NFT collection is live now on <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@Binance</a>. Don't miss out! <br>Sign up now with code RONALDO to explore the collection and get a free mystery box too.<br><br>Join me: <a href="https://t.co/CTz5dyJbTO">https://t.co/CTz5dyJbTO</a> <a href="https://t.co/e1pEmswVkS">pic.twitter.com/e1pEmswVkS</a>
Ronaldo has continued to promote Binance despite the company being accused of operating as an unregistered securities exchange in a separate lawsuit over the summer. The company was also accused of violating a number of U.S. securities laws in that same lawsuit.
Binance reached a $4 billion settlement last week in relation to that lawsuit. The company's CEO, Changpeng Zhao, also stepped down and pleaded guilty for failure to prevent money laundering on the platform.
Ronaldo promoted Binance as recently as Monday on his social media accounts:
The Portuguese international is currently playing for Saudi Pro League club Al Nassr following a stint with Premier League side Manchester United.
The five-time Ballon d'Or winner has tallied 15 goals and seven assists in 13 games for Al Nassr this season.