Cristiano Ronaldo faces $1B lawsuit over Binance ads after teasing new crypto project

Soccer star Cristiano Ronaldo is facing a $1B lawsuit over his relationship with crypto exchange platform Binance, just a day after teasing a new project with the company.

With the boom of crypto just a few years back, many influencers quickly became involved in promotions and some even went as far as making their own projects.

Some projects didn’t go as planned, but Cristiano Ronaldo’s CR7 NFT drop in November 2022 seemed to be going along just fine.

However, Ronaldo is now facing a $1B class action lawsuit in the United States due to his promotion of Binance according to BBC.

Cristiano Ronaldo facing massive lawsuit in US

According to the report, the plaintiffs claim that Ronaldo’s endorsement of Binance and his CR7 NFT project led them to lose massive amounts of money.

It states that the cheapest NFT from the soccer star’s collection was priced at $77 at launch, but one year later went clear down to just $1.

“The claimants allege that Ronaldo’s promotion of Binance led to a “500% increase in searches” for the crypto exchange, which is registered in the Cayman Islands.

They also say it led people to use the firm to invest in what they call “unregistered securities” – such as Binance’s BNB cryptocurrency,” said the BBC.

Garena

According to the US Securities and Exchange Commission, celebs must disclose to the public how much they’re getting paid as well as who is paying them. The claimants in the lawsuit say that Ronaldo did not do so.

Ronaldo and Binance clearly have plans to work together in the future as well, as the star shared on social media that they are “cooking something up” on November 28, just a day before the lawsuit.

We’ll update you when more information is released, but in the meantime, you can keep it locked to Dexerto for more news.