Famous footballer, Cristiano Ronaldo is facing a $1 billion lawsuit over his advertisements for the biggest cryptocurrency exchange in the world, Binance.
The football player Cristiano Ronaldo is being sued in the US as part of a class action lawsuit because he endorses Binance, the largest cryptocurrency exchange globally.
The plaintiffs contend that their investments resulted in losses because of his recommendation. They want to be compensated "a sum exceeding" $1 billion (£790 million).
The football player claimed that the first "CR7" collection of non-fungible tokens (NFTs) from Binance and Ronaldo would thank supporters "for all the years of support" in November 2022.
NFTs are digital assets that are only available online and can be bought or traded. They are not material beings. Usually, they are used to show who the owner of anything is, such as an internet-posted photo or video.
"CR7" is a trademark for a range of products, including shoes and fragrances. It is an acronym for Cristiano Ronaldo's shirt number and initials. He is now among the wealthiest athletes in the planet as a result of it. Ronaldo promised potential investors in a social media video revealing the partnership that they would transform the NFT game and elevate football to a new level.
The claims state that searches for Binance, a cryptocurrency exchange with Cayman Islands registration, increased by 500% as a result of Ronaldo's support of the exchange. Celebrities endorsing these assets must abide by US law because the US Securities and Exchanges Commission (SEC) considers them to be securities.