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Cristiano Ronaldo Faces US$1Bn Lawsuit For Promoting Binance NFTs

Class-action lawsuit alleges footballers’ promotion of worlds’ largest cryptocurrency exchange was ‘deceptive and unlawful’

BBC 1 DEC 2023

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Portuguese footballer Cristiano Ronaldo launched his inaugural NFT ‘CR7’ collection with Binance in November 2022. The plaintiffs in a lawsuit claim Binance’s partnership with high-profile figures led them into costly and unsafe investments.

Cristiano Ronaldo has been hit with a class-action lawsuit seeking at least $US1bn in damages for his role in promoting cryptocurrency-related “non-fungible tokens,” or NFTs, issued by the beleaguered cryptocurrency exchange Binance.

The lawsuit filed in federal court in the Southern District of Florida on Monday alleges the footballer’s promotion of Binance was “deceptive and unlawful”.

Binance’s partnership with high-profile figures such as Ronaldo, the plaintiffs claim, led them into costly and unsafe investments.

“Evidence now reveals that Binance’s fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognised organisations and celebrities across the globe – just like defendant Ronaldo,” the suit reads.

Representatives for the Portuguese star, now playing in Saudi Arabia for Al-Nassr, declined to comment on Thursday. Binance, the world’s largest cryptocurrency exchange, did not immediately return requests for comment from the Associated Press.

Ronaldo launched his inaugural NFT “CR7” collection with Binance in November last year, ahead of the 2022 World Cup. The NFTs – which had starting prices ranging from the equivalent of about $US77 to $US10,000 – featured seven animated statues depicting Ronaldo from various moments in his life.

The suit said the promotional efforts of Ronaldo’s Binance partnership were “incredibly successful” – alleging a 500% increase in online searches using the keyword “Binance” after the footballer’s NFTs were announced. The collection’s premium-level NFTs sold out within the first week, the suit claims.