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.

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.