The famous footballer Cristiano Ronaldo has been in the news for promoting Binance NFT. According to a class-action lawsuit filed in the United States District Court for the Southern District of Florida, Ronaldo’s advertising of Binance NFTs was fraudulent and resulted in severe financial losses for investors. The action, which is still ongoing, demands at least $1 billion in damages.
Christiano Ronaldo’s Binance NFT Lawsuit
In a recent event, the footballer Cristiano Ronaldo’s Binance NFT promotions have put him in serious trouble. The misleading and illegal promotions of the Binance NFT have led investors into a risky and expensive situation.
Allegedly, Binance was offering and selling unregistered and illegal securities. More importantly, they were promoting it with the help of renowned organizations and celebrities like Cristiano Ronaldo. However, the company or the celebrity has not responded to any of these allegations as of now.
Additionally, the footballer recently launched his “CR7 NFT collection” in association with Binance this November. The collection represented moments from Ronaldo’s life. Besides, the collection’s price was around $77 to $10,000. What’s more, this recent incident led to an increased number of searches for the company and a rapid sale of the premium-level NFT from his collection within a week.
The NFT Space, Binance, and Celebrities
NFT art has a specific series of codes, which makes it different from other art pieces. Now, accusations target Binance for operating as an unregistered securities exchange. In addition, Changpeng Zhao, the founder of Binance, has been found guilty of failing to prevent money laundering. Subsequently, the company has also recently agreed to pay $4 billion in settlements.
Additionally, the NFT space is actively marketing its art through celebrity endorsements and collaborating with prominent figures to launch new projects. Well-known faces like Tom Brady and Steph Curry also faced legal suits for promoting the FTX exchange.
Despite the recent damaging events, speculation suggests that Ronaldo will maintain his support for the platform. Ronaldo’s social media channels and his official website indicate possible ongoing partnerships. Hence, the outcome of the lawsuit is still unclear.