Breaking News: A "next level" promise has landed Cristiano Ronaldo in a £790 million lawsuit in the United States. - soocer442
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Breaking News: A “next level” promise has landed Cristiano Ronaldo in a £790 million lawsuit in the United States.

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A class action case in the United States names Cristiano Ronaldo as a defendant after he promoted a number of NFTs for Binance. Ronaldo is currently a star for Al-Nassr and used to play for Manchester United.

In the United States, Cristiano Ronaldo is named in a $1billion (£790m) class action case because he works with the cryptocurrency exchange Binance.

The 37-year-old former Manchester United forward and multiple Ballon d’Or winner put out a line of non-fungible tokens (NFTs) called CR7 with Binance in November 2022. Last year, the cheapest token, which has Ronaldo’s name and shirt number on it, sold for $77 (£60.76). This year, it’s only worth $1 (£0.79).

The claimants say that Ronaldo’s participation led to investments that lost money and damages that were “sum exceeding” $1bn. The lawsuit was sent to the US District Court for the Southern District of Florida in Miami on Tuesday. It says that Ronaldo “supported, promoted, or actively participated in the offer and sale of unregistered securities in coordination with Binance.”

 

More claims say that Ronaldo’s promotion of the range caused “a 500% increase in searches” for the cryptocurrency exchange after the tokens were released.

Celebrities and sports stars have been told by SEC chair Gary Gensler that they need to “disclose to the public from whom and how much you are getting paid to promote investment in securities.”

“When celebrities endorse investment opportunities, including crypto-asset securities, investors should be careful to research if the investments are right for them, and they should know why celebrities are making those endorsements,” he told us.

In an online film from last year, Ronaldo talked about the different kinds of NFTs and said, “We are going to change the NFT game and take football to the next level.” The claimants say Ronaldo should have told them how much he was getting paid but didn’t.

Nigel Green, CEO of the consulting company DeVere Group, told the BBC that the case was about more than just one football player.

“It is crucial to recognise that blaming Ronaldo alone oversimplifies a complex issue,” he stated. “Instead, attention should also be directed towards global regulators who have been slow to establish clear guidelines for this evolving financial landscape.”

They were “cooking something up” in a social media post earlier this week, which was a hint that the Portugal star was still working with Binance.

Last year, Ronaldo became the first famous football player to move to the Saudi Pro League with Al-Nassr. He had already left Manchester United twice before. Since then, many other top players have followed him to the Middle East. Many of them are known from the Premier League, like Steven Gerrard and Jordan Henderson.

Ronaldo said he had done everything he could in Europe after having great spells with Manchester United, Real Madrid, and Juventus when he was asked about the move.

In December of last year, the expert said, “I am lucky that I have won everything I set out to win in European football.” “I think now is the right time to talk about what I did in Asia.” Al Nassr’s idea is very impressive and gives me hope.

“I’m excited to play in a different league in a different country.” I can’t wait to get back to my friends as soon as possible.

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