Cristiano Ronaldo slapped with lawsuit over Binance NFT endorsement

Football player Cristiano Ronaldo faces a potential class-action lawsuit after allegations that his promotion of Binance led to massive investor losses. The plaintiff accuses Ronaldo of actively endorsing the exchange that sells unlicensed securities.

Binance signed a significant deal with the soccer player to promote its non-fungible tokens. The lawsuit indicated that Binance used Ronaldo’s massive popularity and influence to attract unsuspecting individuals to the trading platform, where they invested in illegal securities.

Ronaldo’s involvement in selling unregistered securities

Ronaldo has been vocal in the crypto market since collaborating with Binance in 2022 to advertise his non-fungible tokens collection.

The lawsuit stated that Ronaldo’s influence drove Binance’s business. The football star has more than 850 million followers across social media sites. The complaint highlighted that Ronaldo’s NFT sales propelled the exchange to new heights, leading to an enormous 500% surge in “Binance” searches after his initial sale.