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Cristiano Ronaldo Faces $1B Lawsuit Over Binance NFT Promotion

Investors claim Ronaldo's endorsement led to costly and unsafe investments, while failing to disclose his earnings from the partnership as required by U.S. law.

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Overview

  • Cristiano Ronaldo is facing a $1 billion class-action lawsuit in the U.S. for promoting non-fungible tokens (NFTs) issued by cryptocurrency exchange Binance.
  • The lawsuit alleges Ronaldo's promotion of Binance was 'deceptive and unlawful', leading investors into costly and unsafe investments.
  • Ronaldo launched his NFT 'CR7' collection with Binance in November 2022, which sold out within the first week.
  • The lawsuit also claims Ronaldo should have disclosed how much Binance paid him for the partnership, as required by U.S. law.
  • Binance recently agreed to pay a roughly $4 billion settlement and its founder stepped down as CEO after pleading guilty to a felony related to his failure to prevent money laundering on the platform.