- Ronaldo faces a $1 billion lawsuit over promoting Binance.
- The lawsuit claims Ronaldo’s endorsement boosted Binance searches by 500%.
- A U.S. court denied Ronaldo’s bid to dismiss the lawsuit in May 2024.
Cristiano Ronaldo’s partnership with Binance, the world’s leading crypto exchange, has encountered some bumps, including a $1 billion lawsuit against the soccer superstar.
CR7 inked a multi-year deal with Binance to boost the NFT market, positioning Ronaldo as a key figure in global crypto adoption. The partnership also aims to attract new investors to crypto and set the stage for future collaborations in the Web3 space.
On May 29, Binance collaborated with Ronaldo, popularly known as CR7, to unveil the Forever Worldwide: The Road to Saudi Arabia NFT collection exclusively on the Binance NFT marketplace.
The collection was the fourth in their collaboration and featured seven unique NFTs, highlighting Ronaldo’s career in Madeira, Lisbon, Manchester, Madrid, Turin, Saudi Arabia, and Portugal. Owners of the collection were rewarded based on the number of NTFs owned.
Moreover, the collection was introduced in stages, culminating in an auction on June 14. The collection was released in multiple phases throughout the football season, ending with an auction on June 14, which featured extremely rare NFTs.
In October 2023, Ronaldo teamed up with Binance to launch the CR7 ForeverZone Collection, consisting of 50,000 limited-edition mystery boxes. The partnership also unveiled a “Collect to Earn” system to incentivize NFT collectors.
However, the partnership has not been without challenges. A class-action lawsuit filed in November 2023 accused Ronaldo of endorsing Binance in 2022, leading investors to purchase unregistered securities and suffer significant losses. The lawsuit also claimed Ronaldo was negligent in disclosing the potential risks of Binance’s operations.
Furthermore, the plaintiff argued that Ronaldo’s support boosted attention to Binance. After his project launch, searches for the crypto exchange increased by up to 500%.
On May 4, 2024, Ronaldo asked the U.S. court to dismiss the class-action lawsuit. But Judge Roy Altman denied his request and allowed the plaintiffs to pause the proceedings while awaiting an arbitration decision.
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