Footballer Cristiano Ronaldo is currently under a class action lawsuit in the US for promoting Binance, the world’s largest cryptocurrency exchange.
The plaintiffs claim that Ronaldo’s endorsement resulted in significant financial losses, and they are seeking damages exceeding $1 billion.
Ronaldo’s involvement with Binance includes a collaboration on a “CR7” NFT collection in November 2022, which promised rewards to fans.
The lawsuit argues that his promotion led to a “500% increase in searches” for Binance, prompting investments in what the claimants consider “unregistered securities.”
The legal action emphasizes Ronaldo’s alleged failure to disclose payment details, sparking wider discussions on the need for regulatory guidelines for celebrity endorsements in the evolving financial landscape.
Meanwhile, Binance is dealing with separate issues, including a recent $4.3 billion penalty from the US Justice Department.
