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Portugal and Al Nassr football super star, Cristiano Ronaldo is facing a $1 billion class action lawsuit for his promotion of Binance, the world’s biggest crypto exchange.
According to the lawsuit, filed Tuesday in a Florida court, said that Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance,” including selling non-fungible tokens (NFTs) of himself, which led to substantial financial losses for investors.
It was gathered that In November 2022, Ronaldo partnered with Binance to sell unique NFTs depicting
During its launch, Binance made it known that on its social media handle “an iconic Ronaldo moment immortalized in the form of a digital statute,”
Further claims allege that Ronaldo’s promotion of the range led to a “500 percent increase in searches” for the crypto exchange following the release of the tokens.
NFTs are a crypto-related phenomenon that went mainstream, essentially transforming digital works of art and other collectibles into one-of-a-kind, verifiable assets that are easy to trade on the blockchain.
The lawsuit accuses Ronaldo of making “deceptive statements” and claims he “allowed his name and likeness to be used in connection with Binance’s deceptive statements in promotions of its product,” notably selling unregistered crypto securities prone to wild volatility.
The claimants also alleged that Ronaldo’s involvement prompted loss-making investments and damages of a “sum exceeding” $1bn. In the complaint, which was filed on Tuesday to the United States District Court, Southern District of Florida in Miami.
However, the footballer is yet to respond to the allegations as of the time of filing this report.