Popular footballer Cristiano Ronaldo is being sued in the US for promoting Binance, the world’s largest cryptocurrency exchange. People who invested in Binance because of Ronaldo’s endorsement claim they lost money and are seeking over $1 billion in damages.
Ronaldo teamed up with Binance in November 2022 for a digital collection called “CR7” NFTs (non-fungible tokens) to reward his supporters. The lawsuit alleges that Ronaldo’s endorsement caused a surge in interest in Binance, leading people to invest in what they claim were “unregistered securities.”
US authorities see some cryptocurrencies as investments and require celebrities endorsing them to reveal payments and follow rules. Allegedly, Ronaldo didn’t disclose what he earned from this deal.
Some experts argue that blaming Ronaldo alone oversimplifies the problem and highlights the need for clearer rules in the rapidly changing financial world. Despite the lawsuit, Ronaldo hinted at possible future work with Binance in a recent social media post, suggesting they have plans in the works.
