July 16, 2024
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Cristiano Ronaldo Faces $1 Billion Lawsuit Over Binance Promotion

Footballer Cristiano Ronaldo is currently facing a class action lawsuit in the United States related to his promotion of Binance, the world’s largest cryptocurrency exchange. The plaintiffs allege that Ronaldo’s endorsement led them to make investments resulting in losses, and they are seeking damages exceeding $1 billion (£790 million). Binance and Ronaldo’s management company have not provided comments on the matter when contacted by the BBC.

In November 2022, Binance collaborated with Ronaldo to launch the “CR7” collection of non-fungible tokens (NFTs), which are digital assets representing ownership of online content. Ronaldo, in a social media video, expressed the intention to revolutionize the NFT game and elevate football to new heights through the partnership.

The term “CR7” is associated with Ronaldo’s initials and shirt number, and it serves as branding for various products, contributing to Ronaldo’s status as one of the world’s wealthiest athletes.

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