Ronaldo faces legal repercussions in a billion-dollar Binance case
According to a Newsweek article, Al Nassr player Cristiano Ronaldo has suffered a setback in a billion-dollar class action lawsuit brought against him for endorsing Binance, the biggest cryptocurrency exchange in the world.
According to the article, last week, the Portuguese football player’s attempt to have the $1 billion class action lawsuit against him dismissed by Judge Roy Altman, who is presiding over the case.
The case was brought in November of 2023.
The 39-year-old Ronaldo is being sued in Florida for allegedly encouraging people to use a cryptocurrency exchange, which misled them into making risky and expensive investments.
Plaintiffs requested that the proceedings be stayed while a decision was made about a motion to compel arbitration, and Judge Altman granted their request.
Judge Altman also noted, “We deny the Defendant’s 29 motion to dismiss with prejudice.”
Known as “CR7,” after Ronaldo’s shirt number and initials, Binance had announced in November 2022 that it will be collaborating with the former Real Madrid player to create a collection of non-fungible tokens (NFTs).
In a video announcing the agreement, Ronaldo announced that the NFT would reward supporters “for all the years of support” and that “we are going to change the NFT game and take football to the next level.”
Early in 2023, the former Manchester United player frequently advertised Binance on social media.
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