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Cristiano Ronaldo faces lawsuit over association with Binance
A class-action lawsuit has been filed against CR7 in the USA seeking $1 billion in damages for his association and promotion of Binance.
Ronaldo has failed to disclose how much Binance paid him for the deal, a requirement under US law. This could potentially be trouble for the footballer. (Image sourced via Forbes)
Cristiano Ronaldo is facing legal trouble. The star footballer has been the face of many ad campaigns in his career but his association with a company has landed him in hot water.
Binance, the world’s biggest cryptocurrency exchange recently signed Ronaldo as ambassador. The footballer, as a result, as been heavily promoting the Binance.
As per reports by the BBC, a class-action lawsuit has been filed against CR7 in the USA for his association and promotion of Binance.
The lawsuit claims that the plaintiff lost money through their investments as a result of Ronaldo’s endorsement. They are seeking $1 billion in damages.
When Ronaldo signed with Binance in 2022, they announced the launch of NFTs (non-fungible token). At the time, the cheapest of these NFTs was $77. A year later, it was priced at a mere $1.
As per US law, celebrities are required to disclose how much they get paid when they endorse brands that provide investment opportunities to help potential investors understand why these celebrities are associating themselves with these brands.
However, Ronaldo has failed to disclose how much Binance paid him for the deal. This could potentially be trouble for the footballer.
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