Watan-Reports have revealed that Cristiano Ronaldo, the player for Saudi club Al-Nassr, is facing a collective lawsuit seeking compensation of at least one billion dollars. The legal action is related to Ronaldo’s promotion of ‘Binance,’ a cryptocurrency exchange platform.
The lawsuit was filed in a federal court in the Southern District of Florida on Monday.
The legal claim alleges that Ronaldo’s promotion of the ‘Binance’ cryptocurrency exchange was deceptive and illegal. According to the plaintiffs, partnerships between Binance and celebrities like Ronaldo led some individuals to make unsafe and costly investments.
Allegations of Binance Deception!
The lawsuit now claims that ‘Binance’s deception was able to reach these levels only through deliberate assistance from some of the wealthiest, most powerful, and most famous organizations and celebrities worldwide, such as the accused Cristiano Ronaldo.’
Neither Ronaldo nor Binance, the world’s largest cryptocurrency exchange company, has commented on the lawsuit.
Ronaldo’s Partnership with Binance
Cristiano Ronaldo launched his ‘CR7’ collection with ‘NFT’ in November of last year, just before the 2022 World Cup. The collection started at prices ranging from $77 and reached up to $10,000, according to ‘Al Arabiya.’
The collection included 7 animated statues of Ronaldo from historical moments in his career.
The luxury collection sold out within the first week of its release, according to the lawsuit.
Since then, Ronaldo has continued to promote Binance on his official website and social media platforms.
He recently posted a video on the ‘Ex’ platform featuring Binance, stating that he is ‘getting ready for something’ with the digital currency company, to be announced on Tuesday.
Cooking something up with @Cristiano…
Stay tuned. pic.twitter.com/OxqJ435bp3
— Binance (@binance) November 28, 2023
During the summer, Binance was accused of facilitating the exchange of unregistered securities and violating various U.S. laws in a regulatory lawsuit. Last week, the company agreed to a settlement, agreeing to pay $4 billion.
Additionally, its founder, Changpeng Zhao, stepped down and pleaded guilty to a charge related to his failure to prevent money laundering on the platform.