Ronaldo slammed with $1B lawsuit for promoting NFTs on Binance

By Kingsley Odii
Portuguese soccer legend Cristiano Ronaldo is facing a class-action lawsuit seeking at least $1 billion in damages for his involvement in promoting non-fungible tokens (NFTs) by cryptocurrency exchange Binance.
The lawsuit, filed in federal court in the Southern District of Florida on Monday, accuses Ronaldo of engaging in deceptive and unlawful promotion of Binance. The plaintiffs claim that Ronaldo’s association with Binance, along with other high-profile figures, led them to make costly and risky investments.
According to the lawsuit, evidence shows that Binance’s fraudulent activities were only made possible through the sale of unregistered securities, aided by influential organizations and celebrities like Ronaldo.
Representatives for Ronaldo declined to comment, while Binance, the world’s largest cryptocurrency exchange, did not respond to requests for a statement.
Ronaldo had launched his NFT collection, named “CR7,” in collaboration with Binance in November 2021, ahead of the 2022 World Cup. The collection featured animated statues depicting Ronaldo’s iconic moments, with prices ranging from approximately $77 to $10,000.
The lawsuit highlights the success of Ronaldo’s promotional efforts, claiming that searches for “Binance” increased by 500% after the announcement of his NFTs. Additionally, the suit alleges that premium-level NFTs from the collection sold out within the first week.
The lawsuit also argues that Ronaldo should have disclosed the financial compensation he received from Binance for the partnership. The U.S. Securities and Exchange Commission has previously emphasized the obligation for celebrities to publicly disclose their earnings from promoting securities, including cryptocurrencies.
Non-fungible tokens are digital assets attached to a blockchain, making them unique collectibles. However, their value has significantly declined amidst scandals and market fluctuations in the cryptocurrency industry.
Binance has been previously accused of operating as an unregistered securities exchange and violating U.S. securities laws. The company recently agreed to pay a settlement of approximately $4 billion and its CEO, Changpeng Zhao, resigned and pleaded guilty to failing to prevent money laundering on the platform.
This lawsuit against Ronaldo is not the first instance of celebrities facing legal action over crypto promotions. In 2021, Hollywood and sports stars, including Larry David and Tom Brady, were sued in a class-action case related to the collapse of the FTX crypto exchange.
Ronaldo, considered one of the world’s most prominent and wealthy athletes, has played for renowned clubs such as Real Madrid, Juventus, and Manchester United. He currently represents the Saudi Arabian team Al Nassr.
Despite the lawsuit, Ronaldo continues to promote Binance on his official website and social media accounts. He recently shared a Binance video on X (formerly known as Twitter) and hinted at upcoming collaborations with the crypto exchange.


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