Cristiano Ronaldo faces $1B lawsuit for promoting NFTs

Portuguese soccer star Cristiano Ronaldo is facing a class action lawsuit in the US for selling non-fungible tokens (NFTs) through the crypto platform Binance. The plaintiffs are seeking $1 billion in damages.

The lawsuit alleges that Ronaldo’s promotion of Binance was “deceptive and unlawful” that led investors to make costly and unsafe investments.

Ronaldo began partnering with Binance in 2022 and has since then advertised its services and his NFTs multiple times to his 849 million followers on different social media platforms.

Selling unregistered crypto securities prone to wild volatility is illegal in the country and Binance was recently fined $4.3 billion for doing the same. Its CEO stepped down this month, pleading guilty to money laundering in America.

Not only Ronaldo but several high-profile celebrities, including Kim Kardashian, Tom Brady, Larry David and Stephen Curry, have been fined or sued for promoting cryptocurrency projects on Ethereum and the bankrupt FTX crypto exchange.