Cristiano Ronaldo is in a $1 billion lawsuit, accused of promoting Binance NFTs in a misleading way. The case claims Binance used celebs like Ronaldo for fraudulent activities.
Key Takeaways
- Cristiano Ronaldo is facing a substantial lawsuit, amounting to at least $1 billion, for his role in promoting Binance NFTs. The legal claim asserts that Ronaldo’s endorsement was deceptive and unlawful.
- The lawsuit implicates Binance in a larger fraud scheme, suggesting that the exchange’s success in this regard was assisted by the promotion of unregistered securities, with involvement from influential organizations and celebrities.
- Internet searches for Binance surged by 500% following Ronaldo’s announcement of his CR7 NFT collection in the lead-up to the 2022 Fifa World Cup. The collection was launched on the Binance NFT Marketplace, promising a groundbreaking partnership.
Ronaldo’s Alleged Role in Binance NFT Fraud
Cristiano Ronaldo, the face of Binance, is now at the center of a legal storm as aggrieved customers pursue a class-action lawsuit against him. The lawsuit contends that Ronaldo’s promotion of Binance NFTs was not only deceptive but contributed to a broader fraudulent scheme.
The lawsuit alleges that Binance’s fraudulent activities, which the exchange founder Changpeng Zhao has recently admitted to, thrived through the sale of unregistered securities. Ronaldo, as one of the prominent figures endorsing Binance, is implicated in these allegations.
Cristiano Ronaldo faces $1bn lawsuit, implicated in Binance crypto fraud – here's what it means for SA… tldr: not much, crypto is up. https://t.co/VuYziNX2zC by @sharpschutters via @Biz_IT
— Bizcommunity.com (@Bizcommunity) December 1, 2023
Impact on Binance and Ronaldo’s Image
The fallout from the lawsuit is already visible, with a substantial surge in internet searches for Binance following the announcement of Ronaldo’s CR7 NFT collection.
This development has raised questions about the legitimacy of Binance’s operations and the impact on Ronaldo’s standing as a spokesperson.
To Conclude
In the wake of Changpeng Zhao’s legal troubles, Cristiano Ronaldo’s involvement in the Binance NFT controversy adds another layer to the exchange’s ongoing challenges.
The lawsuit, seeking significant damages, underscores the potential repercussions for celebrities endorsing crypto-related ventures and the increasing scrutiny faced by major players in the crypto industry.
