Cristiano Ronaldo facing $1BILLION lawsuit in the USA over Binance cryptocurrency adverts
Posted Friday, December 01, 2023 by Thesun.co.uk
CRISTIANO RONALDO is facing a lawsuit worth 1 BILLION DOLLARS after promoting Binance, the world's largest cryptocurrency exchange.
A filing in a US district court in Florida has alleged that the ex-Manchester United and Real Madrid man, 38, "promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in co-ordination with Binance".
According to The Times, it has been claimed by the plaintiffs of the case that his endorsement of the company led to them making losses on their investments.
Ronaldo's representatives have been approached for comment.
The Al-Nassr forward signed a multi-year deal with Binance last year to promote non-fungible tokens - also known as NFTs.
These are virtual assets, used to prove ownership of an online picture or video, which can be purchased and sold.
Ronaldo and Binance collaborated to create an NFT collection in November 2022.
The Portuguese icon claimed this would reward his loyal followers "for all the years of support".
Following the release of the NFTs, Ronaldo said: "It was important to me that we created something memorable and unique for my fans as they are such a big part of my success.
"With Binance, I was able to make something that not only captures the passion of the game but rewards fans for all the years of support."
Earlier this month, Binance's co-founded and chief executive, Changpeng Zhao, pled guilty to charges of money laundering.
He will personally pay a 50 million dollar fine as part of a 4 BILLION dollar settlement between Binance and the justice department.
Ronaldo has been living in Saudi Arabia since he joined Al-Nassr midway through the 2021/22 season when his Man Utd contract was terminated.
He has scored 32 goals and provided 11 assists in 38 games since arriving in the Middle East.
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