Ronaldo’s NFT Partnership with Binance Triggers $1B Lawsuit
In a legal development, a renowned figure in global sports faces a substantial lawsuit linked to their association with Binance's non-fungible tokens (NFTs).
Reports indicate that Cristiano Ronaldo, the revered Portuguese soccer star, is entangled in a substantial $1 billion class-action lawsuit over his promotion of NFTs released through Binance, the world’s largest cryptocurrency exchange.
Last year, ahead of the 2022 FIFA World Cup in Qatar, CR7 partnered with Binance to introduce an exclusive NFT collaboration. This collaboration aimed to offer fans and collectors unprecedented access to various facets of Ronaldo’s career, coupled with exclusive fan perks and experiences available solely through Binance.
The partnership culminated in the launch of the ‘ForeverCR7 – The GOAT’ NFT collection in June, a notable announcement by Binance.
During the unveiling, Ronaldo expressed his enthusiasm, sharing, “Working on this initiative with Binance for my fans, particularly those who’ve supported me from the beginning, has been incredibly rewarding. Curating this collection and revisiting pivotal moments in my career has been an enriching experience, and I eagerly await the reaction…”
However, instead of applause, a class-action lawsuit emerged.
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According to reports, the lawsuit, filed in South Florida, accuses Ronaldo of potentially unlawful and deceptive promotion of Binance and its offerings. The legal action highlights the resounding success of Ronaldo’s endorsement, with the initial NFT collection reportedly selling out within a week.
The lawsuit alleges that “Binance’s alleged fraudulent activities could have been amplified through the sale of unregistered securities, with the involvement of influential entities and celebrities worldwide, much like the involvement of Ronaldo.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
