Cristiano Ronaldo has found himself at the center of a $1 billion lawsuit related to his partnership with cryptocurrency exchange Binance. Plaintiffs filed a class action lawsuit in a federal court in Florida, alleging that Ronaldo participated in promoting unsubstantiated and unsafe investments linked to NFTs (non-fungible tokens) from Binance. The lawsuit claims that the advertising featuring Ronaldo led to significant losses for investors, as these tokens later lost most of their value.
On May 4, 2024, Ronaldo’s lawyers filed a motion to dismiss the case, but recently, Judge Roy Altman ruled in favor of the plaintiffs, increasing pressure on the footballer and his legal team.
The plaintiffs accuse Ronaldo of contributing to misleading statements by Binance, which led to funds being raised from uninformed investors. This case highlights the growing risks for celebrities involved in promoting financial products, as the liability for such actions may be far greater than for promoting non-investment-related products.
This lawsuit comes amid other legal challenges facing Binance, including allegations of violating U.S. securities laws, which led to a settlement with regulators for approximately $4 billion.
