Soccer star Cristiano Ronaldo is facing a class-action lawsuit seeking at least $1 billion in damages due to his role in promoting cryptocurrencies and non-fungible tokens (NFTs) issued by Binance, a cryptocurrency exchange. The lawsuit was filed in a federal court in the Southern District of Florida on Monday, alleging that Ronaldo's promotion of Binance "was deceptive and illegal, and that Binance's partnership with celebrities like Ronaldo - according to the plaintiffs - led some to make unsafe and costly investments."
The lawsuit states that evidence now reveals that "Binance's fraud was able to reach these levels only with the deliberate assistance of some of the wealthiest, most powerful, and most famous organizations and celebrities around the world, such as defendant Ronaldo." Neither Ronaldo nor Binance, the world's largest cryptocurrency exchange, has commented on the lawsuit.
Ronaldo launched his "CR7" NFT collection with Binance in November of last year ahead of the 2022 World Cup, with prices ranging from approximately $77 to $10,000, and including 7 animated statues of Ronaldo from historic moments in his career. The luxury collection sold out within the first week of its launch, according to the lawsuit.
Since then, Ronaldo has continued to promote Binance on his official website and social media platforms. He recently posted a video for Binance on "X," stating that he is "preparing for something" with the cryptocurrency company that will be announced on Tuesday.
During the summer, Binance was also accused of being behind the exchange of unregistered securities and violating a range of U.S. laws in a lawsuit from regulators. The company agreed last week to a settlement of $4 billion, while its founder Changpeng Zhao stepped down and pleaded guilty to a misdemeanor related to failing to prevent money laundering on the platform.
