Cristiano Ronaldo faces $1bn lawsuit over Binance ads
The Portuguese footballer is facing a class action lawsuit for promoting the world’s largest cryptocurrency exchange.
Cristiano Ronaldo is facing a massive class action lawsuit to the tune of over $1bn (£790m), according to reports.
The former Manchester United footballer - who now plays for Al-Nassr FC in Saudi Arabia - is reportedly being taken to court due to his involvement with Binance, the world’s largest cryptocurrency exchange.
According to the BBC, the plaintiffs in the lawsuit are claiming his endorsement of Binance led to them making loss-making investments.
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In June 2022, Ronaldo teamed up with Binance for what was called a 'legendary NFT partnership' which was set to be multi-year.
The Portuguese footballer launched his first NFT collection with Binance in November last year. NFTs - non-fungible tokens - are digital items which have a certificate of ownership, and tend to be something like an online picture or video.
Ronaldo announced the collection on Instagram with a pretty epic video where he ran through a massive digital hall filled with statues of himself, before flying through the roof.
The collection was called CR7 - something which has become Ronaldo's signature, referencing his initials and shirt number.
It's by no means the first major partnership Ronaldo has done - he also has massive brand deals with the likes of Nike and Herbalife, who no doubt want to get in on his whopping 613 million follower count on Instagram.
According to the BBC, the cheapest NFT from the Binance collection retailed at $77 (£60) in November 2022 - and a year later it had dropped to around $1 (80p).
The claimants in the lawsuit are alleging that Ronaldo's involvement in promoting Binance led to a 500% increase in searches for the crypto exchange, while allegedly leading people to invest in "unregistered securities" such as Binance's BNB cryptocurrency, the BBC reports.
The news comes a day after Binance posted a short video of the footballer on X, with the caption: "Cooking something up with @Cristiano."
And it's not the first time the crypto exchange has hit the headlines. Last week the company's founder, Changpeng Zhao, stepped down after pleading guilty to one count of failure to maintain an effective anti-money-laundering programme at Binance.
According to reports, Binance agreed to a roughly $4 billion settlement with the US over violations of the Bank Secrecy Act and apparent violations of sanctions programs.
Ronaldo and Binance have both been contacted for comment.