Cristiano Ronaldo Faces $1 Billion Lawsuit Over Binance Affiliation

Cristiano Ronaldo’s advert with Binance promoting the NFT Collection.

Football star Cristiano Ronaldo is facing a massive $1 billion lawsuit in the United States because of his connection with the cryptocurrency exchange Binance.

Allegations and Lawsuit Details:

The lawsuit was filed in a court in Florida and claims that Ronaldo, along with Binance, caused over $1 billion in losses by selling digital tokens called CR7 NFTs. It suggests that Ronaldo actively participated in selling these unregistered investments, causing the token values to drop significantly within a year.

SEC Guidelines and Ronaldo’s Alleged Violations:

The complaint also accuses Ronaldo of not sharing important details about the money he earned from promoting these investments, breaking rules set by the Securities and Exchange Commission (SEC). The SEC head, Gary Gensler, emphasized the need for famous people to disclose such information, especially when endorsing investments like cryptocurrencies.

Impact of Ronaldo’s Promotion:

According to the lawsuit, when Ronaldo promoted the NFTs, it led to a massive “500 percent increase in searches” for the Binance crypto exchange. Those suing argue that this increased interest played a role in causing financial losses for investors..

Expert Perspectives and Regulatory Challenges:

Recently, Ronaldo hinted that he’s still working with Binance in a social media post where he said they were “cooking something up.” However, experts say it’s not fair to blame just the footballer. Nigel Green, the CEO of consultancy firm DeVere Group, pointed out that the problems in this case go beyond Ronaldo, pointing at slow-moving global regulators who haven’t set clear rules for the changing financial world.

Broader Implications and Expectations:

This lawsuit comes at a time when there’s a lot of attention on famous people promoting investments, with a push for more openness and disclosure. Ronaldo’s case is expected to highlight the responsibilities celebrities have when endorsing financial stuff and the wider challenges in the changing world of digital money.

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 Watch: Cristiano Ronaldo and Binance NFT collection Announcement video