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Cristiano Ronaldo has been hit with class-action lawsuit seeking at least $1 billion (\u00a3790m) in damages for his role in promoting cryptocurrency-related \u201cnon-fungible tokens,\u201d or NFTs, issued by the beleaguered cryptocurrency exchange Binance. <\/p>\n
The lawsuit, filed in federal court in the Southern District of Florida Monday, accuses Ronaldo's promotions of Binance of being \u201cdeceptive and unlawful.\u201d Binance's partnership with high-profile figures like Ronaldo, the plaintiffs claim, caused them to make costly and unsafe investments.<\/p>\n
\u201cEvidence now reveals that Binance\u2019s fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognized organizations and celebrities across the globe\u2014just like Defendant Ronaldo,\u201d the suit reads.<\/p>\n
Representatives for Ronaldo and Binance, the world's largest cryptocurrency exchange, did not immediately return The Associated Press<\/em>' requests for comment.<\/p>\n Ronaldo launched his inaugural NFT \u201cCR7\u201d collection with Binance back in November of last year, ahead of the 2022 World Cup. The NFTs, which had starting prices ranging from the equivalent of about $77 to $10,000, featured seven animated statues depicting Ronaldo from iconic moments in his life \u2014 from bicycle-kick goals to his childhood in Portugal.<\/p>\n Monday's suit says that the promotional efforts of Ronaldo's Binance partnership were \u201cincredibly successful\u201d \u2014 alleging a 500% increase in online searches using the keyword \u201cBinance\u201d after the soccer star's NFTs was announced. The collection's premium-level NFTs sold out within the first week, the suit claims.<\/p>\n Cristiano Ronaldo joined Saudi Arabian club Al-Nassr last year <\/p>\n Ronaldo has since continued to promote Binance on his official website and social media platforms. Most recently, on X (the platform formerly known as Twitter) Ronaldo reposted a Binance video and wrote that he was \u201cCooking something up" with the crypto exchange on Tuesday.<\/p>\n NFTs are ordinary digital images with an attached version number that have been added to a cryptocurrency blockchain, a process designed to make them \u201cunique\u201d collectibles. NFTs enjoyed a brief boom, but have since largely collapsed along with much of the cryptocurrency industry.<\/p>\n Over the summer, Binance was accused of operating as an unregistered securities exchange and violating a slew of U.S. securities laws in a lawsuit from regulators. And just last week, the crypto exchange agreed to pay a roughly $4 billion ( settlement as its founder Changpeng Zhao stepped down as CEO and pleaded guilty to a felony related to his failure to prevent money laundering on the platform.<\/p>\n The cryptocurrency industry has been marred by scandals and market meltdowns, and this week's lawsuit doesn't mark the first time that a celebrity has faced litigation over crypto promotions. <\/p>\n Binance is the world\u2019s largest cryptocurrency exchange <\/p>\n Last year, a host of Hollywood and sports stars \u2014 including Larry David and Tom Brady \u2014 were named as defendants in a class-action suit against FTX, which was the second-largest crypto exchange before it collapsed in November 2022. The suit argued that the celebrities' status made them culpable for promoting FTX\u2019s failed business model.<\/p>\n Ronaldo is one of the most recognizable and richest athletes in the world. He leads Portugal\u2019s national team and has played for the Spanish team Real Madrid, the Italian club Juventus and Manchester United in England. He now plays for the Saudi Arabian professional team Al Nassr.<\/p>\n![](\"https:\/\/static.independent.co.uk\/2023\/11\/21\/18\/Crypto_SEC_Binance_93246.jpg\")
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