Cristiano Ronaldo, renowned for his prowess on the field with Al Nassr, faces a formidable challenge in a billion-dollar class action lawsuit stemming from his association with Binance, the world’s leading cryptocurrency exchange, as detailed in a recent report.
The lawsuit, initiated in November 2023, alleges Ronaldo’s endorsement of Binance enticed individuals into making risky and financially detrimental investments. Judge Roy Altman, overseeing the case, recently rebuffed Ronaldo’s bid to dismiss the lawsuit.
Judge Altman’s decision to temporarily halt proceedings until ruling on a motion for arbitration, at the plaintiffs’ behest, was coupled with a denial of Ronaldo’s dismissal motion, albeit without prejudice.
In November 2022, Binance unveiled a series of non-fungible tokens (NFTs) in collaboration with Ronaldo, branded “CR7” in homage to his initials and jersey number. Ronaldo enthusiastically endorsed these NFTs, proclaiming they would reward loyal fans and herald a new era in football.
Throughout the early months of 2023, Ronaldo actively promoted Binance across his social media channels, lending his star power to the cryptocurrency platform.
The legal battle underscores the complexities surrounding celebrity endorsements in the burgeoning cryptocurrency market. Ronaldo’s involvement with Binance, once celebrated as a pioneering move bridging sports and finance, now faces scrutiny and legal ramifications.
As the case progresses, it raises questions about the accountability of public figures in endorsing financial products and services, particularly those as volatile and speculative as cryptocurrency exchanges.
For Ronaldo, the lawsuit represents a significant legal hurdle that could potentially impact his reputation and financial standing. Amidst the legal proceedings, the football icon finds himself embroiled in a legal quagmire with implications far beyond the pitch.
