International Soccer Star Cristiano Ronaldo Faces $1 Billion NFT Class-Action Lawsuit
Portuguese soccer star Cristiano Ronaldo is currently facing a class-action lawsuit worth $1 billion. The lawsuit is in relation to his promotion of non-fungible tokens (NFTs) issued on Binance, the largest crypto exchange by trading volume.
Last year, Ronaldo collaborated with Binance on an NFT partnership ahead of the 2022 FIFA World Cup in Qatar. The partnership resulted in the creation of the ‘ForeverCR7 – The GOAT’ NFT collection in June 2022.
The class-action lawsuit alleges that Ronaldo unlawfully and deceptively promoted Binance and its products. It claims that Binance’s success was achieved through the sale of unregistered securities, with Ronaldo’s assistance. The suit also highlights the quick sell-out of the first collection of NFTs within a week.
Ronaldo has yet to comment on the lawsuit, but he has previously promoted Binance on his social media platforms, including Twitter.
Hot Take: Cristiano Ronaldo Faces Legal Trouble Over Binance NFT Promotion
International soccer superstar Cristiano Ronaldo finds himself embroiled in a $1 billion class-action lawsuit for his involvement with Binance non-fungible tokens (NFTs). The lawsuit accuses Ronaldo of unlawfully promoting Binance and its products, claiming that the exchange’s success was due to the sale of unregistered securities. This legal action highlights the potential risks associated with celebrity endorsements in the cryptocurrency space. It serves as a reminder that both celebrities and crypto platforms should exercise caution and ensure compliance with relevant regulations when engaging in promotional activities. As this case unfolds, it could set a precedent for future legal challenges involving high-profile individuals and their involvement with cryptocurrencies and NFTs.
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