Cristiano Ronaldo is facing a US class-action lawsuit worth more than $1 billion over his promotion of cryptocurrency giant Binance.
Cristiano Ronaldo faces a class action lawsuit in the United States which could end up costing him a fine of almost $1 billion for his advertising ties to cryptocurrency giant Binance.
According to the BBC, which unraveled the case, the class action lawsuit accuses Ronaldo of having promoted losses and not respecting US law on transparency on income from promotional events.
The Portuguese footballer, who moved to Saudi Arabia at the beginning of 2023 when he was signed by the Saudi club Al-Nassr, is one of the most influential personalities in the world. In addition to being one of the most recognized footballers on the planet, the Portuguese also promotes a series of products and services through his social networks.
It was in November 2022 when Binance announced its first “CR7” collection of NFTs (non-fungible tokens) in partnership with Ronaldo. On his social networks, the Portuguese promoted investing in NFT digital assetsan advertising link that could now end up costing you more than $1 billion.
Cryptocurrency giant Binance has already been convicted of facilitating terrorist money laundering. Just a week ago, the company’s boss, Changpeng Zhao, known as “CZ”, stepped down as CEO. after agreeing to a record fine of more than 4 billion dollars.
The founder of Binance, the world’s largest cryptocurrency exchange, pleaded guilty to a serious crime for not having taken measures to prevent money laundering.