Portuguese footballer Cristiano Ronaldo is facing a 1 billion dollar class-action lawsuit in the US over his promotion of Binance, the world's largest cryptocurrency exchange.
According to a BBC report, the plaintiffs claim that Ronaldo caused them financial losses due to his promotion of Binance, which encouraged them to invest in cryptocurrencies.
COMPENSATION LAWSUIT EXCEEDING 1 BILLION DOLLARS
Binance unveiled its first "CR7" non-fungible token (NFT) collection with Ronaldo in November 2022.
The announcement also stated that the footballer would reward his fans "for their support." "CR7" represents the initials of Ronaldo's first and last name and his jersey number.
In a social media video announcing his partnership with Binance, Ronaldo encouraged his millions of followers, telling potential investors, "We are going to change the NFT game and take football to the next level."
ALLEGATION THAT RONALDO FACILITATED IRREGULARITIES
In the class-action lawsuit filed in the US District Court for the Southern District of Florida on November 27, it was stated that Ronaldo "promoted, assisted in, and actively participated in the offer and sale of unregistered securities in coordination with Binance."
The plaintiffs stated that Ronaldo's promotion of Binance led to a "500 percent increase in searches" for the Cayman Islands-registered crypto exchange in the first weeks, and that this situation misled them.
News Source: 12punto
