Cristiano Ronaldo, the famed Al Nassr star, faces challenges in a billion-dollar class action lawsuit related to his promotion of Binance, the world’s largest cryptocurrency exchange.
According to a Newsweek report, Judge Roy Altman has denied Ronaldo’s motion to dismiss the lawsuit, which was filed in Florida in November 2023.
Ronaldo, aged 39, is accused of misleading plaintiffs into making high-risk investments through his endorsements of the cryptocurrency platform. The plaintiffs allege that Ronaldo’s promotions led them to incur substantial financial losses.
In his decision last week, Judge Altman opted to continue the proceedings pending a decision on a motion to compel arbitration requested by the plaintiffs. He also stated, “We deny without prejudice the Defendant’s 29 motion to dismiss.”
Binance partnered with Ronaldo in November 2022 to launch a series of non-fungible tokens (NFTs) branded “CR7,” leveraging Ronaldo’s initials and jersey number. In a promotional video, Ronaldo claimed that the NFTs would revolutionize the NFT landscape and elevate football to a new level.
Throughout early 2023, Ronaldo actively promoted Binance on various social media platforms, reinforcing his endorsement of the cryptocurrency exchange.
