Al-Nassr footballer Cristiano Ronaldo is facing a fallout from the cryptocurrency crisis in the US. The Portuguese star is facing a lawsuit worth more than $1bn in US courts by those affected by the Binance platform, who believe his advertisements led them to invest in cryptos on the platform and suffer heavy losses.
In November 2022, Binance announced its first ‘CR7’ collection of non-fungible tokens (NFTs) in partnership with Cristiano, which the footballer said would reward fans “for all the years of support”. The lawsuit also states that the former Manchester United player should have been aware that “Binance was selling crypto-valuables”, as he has “investment experience and extensive resources to obtain advisors”.
Ronaldo was a key part of Binance’s growing popularity due to his influence and reach, with 850 million followers on social media, the complaint says. They allege that his sales of NFT were “incredibly successful” in promoting the exchange, with a 500% increase in Binance searches the week following the initial sale.
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