Famed Portuguese footballer Cristiano Ronaldo finds himself in the midst of a very costly lawsuit. The hefty legal claim, with damages, seeks more than a billion dollars.
The crux of the matter? His association with promoting Binance’s digital collectibles is known as Non-Fungible Tokens (NFTs).
This lawsuit was launched in a U.S. district court in the southern region of Florida, where Ronaldo is accused of engaging in deceptive and unlawful advertising practices.
Legal documents surrounding the case spotlighted Binance’s marketing tactics, hinting that endorsements from celebrated figures like Ronaldo bolstered their foothold in the digital currency realm. According to the plaintiffs, such high-profile endorsements enticed them into high-risk and financially draining investments.
The lawsuit highlights explicitly that the alleged deceptive practices of Binance escalated with the involvement of renowned personalities and organizations, Ronaldo included.
Ronaldo’s influence in promoting Binance is quite impactful. The lawsuit notes an extraordinary 500% jump in internet searches for “Binance” following the announcement of Ronaldo’s NFTs.
Furthermore, it alleges that the most sought-after NFTs in the series were completely sold out within a week of their introduction.
Despite these accusations, Ronaldo continues to be a vocal supporter of Binance. He regularly features them on his website and social media platforms. He even recently hinted at an upcoming project with Binance on a well-known social media platform.
Ronaldo is not the only celebrity to face legal challenges linked to cryptocurrency promotions. Last year, a group of celebrities, including Larry David and Tom Brady, were implicated in a lawsuit against FTX, another cryptocurrency exchange that collapsed in late 2022.
Binance itself has yet to be free from legal scrutiny. They were recently accused of operating without proper authorization and violating several U.S. securities laws. They have since reached a settlement agreement, agreeing to pay approx $4 billion.
Additionally, Binance’s founder, Changpeng Zhao, resigned from his CEO position following a guilty plea related to charges of failing to prevent money laundering.
Ronaldo, a globally celebrated football star, has played for elite clubs such as Real Madrid, Juventus, and Manchester United and is currently with Al Nassr in Saudi Arabia.
He also captains Portugal’s national football team, underscoring his status as one of the sport’s most influential figures.
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Written by http://FinancialPress.com Inc.
Disclaimer: This article is for informational purposes only and not financial advice. Always do your own research and consult with a financial advisor before making any investment decisions.