Cristiano Ronaldo Faces Legal Challenge Over Cryptocurrency Promotion

 

In a recent development that has sent ripples through the sports and finance worlds, soccer superstar Cristiano Ronaldo has encountered a significant legal hurdle. The athlete’s attempt to dismiss a $1 billion class action lawsuit has been denied by a U.S. judge, leaving the case wide open for further proceedings.

The lawsuit, filed in Florida, accuses Ronaldo of misleading the public through his promotion of Binance, the world’s largest cryptocurrency exchange. Plaintiffs allege that Ronaldo’s endorsement led them to make investments that were both costly and unsafe. This legal battle underscores the growing scrutiny over celebrity endorsements in the volatile cryptocurrency market.

On May 4, Judge Roy Altman decided to stay proceedings pending a decision on a motion to compel arbitration, following a request from the plaintiffs. This means the case will be paused until a third party can review the dispute and make a binding decision. Judge Altman’s order stated, “We deny without prejudice the Defendant’s motion to dismiss.”

Ronaldo, who currently plays for Al-Nassr, has been a vocal advocate for Binance and the potential of non-fungible tokens (NFTs) to revolutionize fan engagement in sports. In November 2022, Binance launched a collection of NFTs in collaboration with Ronaldo, dubbed “CR7” after his initials and iconic shirt number. The soccer legend has promoted the NFTs as a way to reward fans for their years of support and to elevate the football experience to new heights.

Despite the legal challenges, Ronaldo continues to promote Binance and the NFT collection on his social media platforms, emphasizing the unique experiences offered to fans through these digital assets.

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By Criss

The plaintiffs in the lawsuit are seeking damages exceeding $1 billion, a staggering sum that reflects the scale of the alleged impact on investors. As the case unfolds, it will be closely watched for its implications on celebrity endorsements and the responsibility they carry in the promotion of financial products.