(PLO) – Cristiano Ronaldo faces a $1 billion class action lawsuit in the US.
That is the headline published in the Mirror (UK) article today, November 30. Former Manchester United striker and current Al Nassr star Cristiano Ronaldo has been named in a class action lawsuit in the US after promoting a series of NFTs for Binance, writes Mirror.
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Cristiano Ronaldo has been named in a $1bn (£790m) class action lawsuit in the US over his relationship with cryptocurrency exchange Binance. The 38-year-old Portuguese former Manchester United striker and five-time Ballon d’Or winner released a series of tokens (NFTs) when he partnered with Binance in November 2022.
The cheapest tokens, all of which are referred to by Ronaldo’s initials and shirt number (CR7), sold for $77 (£60.76) last year, but are worth just $1 (0.79 pounds) 12 months later.
The plaintiffs allege that Ronaldo’s involvement led to their investment losses and damages “in excess” of $1 billion. In the complaint filed Tuesday (US time) in the Southern District Court of Florida in Miami, it is alleged that Ronaldo “promoted, assisted and/or actively participated in the offering and sale of unsecured securities.” registered to coordinate with Binance”.
Other claims allege that Cristiano Ronaldo’s promotion of Binance led to a “500% increase in searches” for the cryptocurrency exchange following the release of the code.
Previously, SEC Chairman Gary Gensler said that celebrities and sports stars must “disclose to the public how much money you are paid and from whom to motivate them to invest in securities.”
“When celebrities endorse investment opportunities, including stocks, cryptocurrencies, investors should carefully research whether the investment is right for them,” says Gary Gensler. and they should know why celebrities make those endorsements.”
Speaking about NFTs in a video shared on social networks last year, Ronaldo said: “We will change NFTs and take football to a new level.” The claimants allege Ronaldo should have disclosed how much he was paid (to promote products for Binance), but he failed to do so. Nigel Green, owner of consulting firm DeVere Group, told the media that the central issue of the case is not just a football player.
Nigel Green said: “It is important to realize that blaming Ronaldo alone oversimplifies a complex issue. Instead, attention should also be directed towards global regulators, who have been slow to establish clear guidelines for today’s evolving financial sector landscape.”
Notably, earlier this week, Cristiano Ronaldo hinted that he was still working with Binance. Ronaldo shared in a social media post that they were “preparing something.”
After leaving Manchester United for the second time last year, Ronaldo became the first famous footballer to move to the Saudi Pro League playing for Al Nassr. Since then, a series of top stars have followed Ronaldo to Saudi Arabia, including familiar faces in the Premier League such as Jordan Henderson and Steven Gerrard.
Explaining his transfer to Al Nassr, 38-year-old Portuguese superstar Cristiano Ronaldo insisted he has achieved everything he needed to achieve in Europe after successful seasons with Manchester United, Real Madrid and Juventus. .
Cristiano Ronaldo said: “I am lucky to have won everything I set out to do in European football. I feel this is the right time to share my experiences in Asia. Al Nassr’s vision is inspiring and impressive. I look forward to experiencing another tournament, in another country. I’m excited to join my new teammates as soon as possible.”
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GIA DINH
