Cristiano Ronaldo faces $1 billion lawsuit over NFT promotion with Binance

Football icon Cristiano Ronaldo is confronting a $1 billion lawsuit in the United States regarding his collaboration with cryptocurrency company Binance to promote non-fungible tokens (NFTs). The legal action alleges that Ronaldo misled investors into buying unregistered securities, resulting in substantial financial losses.

In November 2022, Ronaldo partnered with Binance to launch a collection of NFTs, with the lowest-priced token initially set at $77. A year later, the same NFT can now be acquired for approximately $1. Investors have initiated legal proceedings against Ronaldo in Florida, asserting that his social media endorsements for Binance products influenced them to make investments that ultimately incurred losses.

The lawsuit contends that Ronaldo’s “aggressive” advertising strategy was highly successful in attracting new users to Binance. It argues that, following the announcement of his NFT collection, online searches for NFT and Binance experienced a significant surge. Plaintiffs assert that Ronaldo bears responsibility for their losses, as his endorsements allegedly misrepresented the security of assets held on Binance’s platform.

Ronaldo and his representatives have not commented on the lawsuit at this time, leaving open the possibility of a settlement to avoid a costly public trial. This legal action underscores the growing concern over celebrities endorsing contentious cryptocurrency investments without providing adequate disclosures.

Similar lawsuits involving cryptocurrency promotions by sports figures like Shaquille O’Neal and Floyd Mayweather have emerged, making the resolution of this case crucial in establishing accountability for influencer marketing in the crypto space.