Cristiano Ronaldo Faces Legal Battle Over CR7 NFT Promotion
Renowned football icon Cristiano Ronaldo finds himself entangled in a legal dispute as a U.S. judge recently declined to dismiss a class action lawsuit against him.
The lawsuit revolves around Ronaldo’s endorsement of Binance, a leading cryptocurrency exchange, and its CR7 NFTs. Plaintiffs allege that Ronaldo’s promotional activities persuaded investors to engage in risky financial ventures.
Filed in Florida, the class action lawsuit seeks damages exceeding $1 billion, claiming that Ronaldo’s endorsements prompted individuals to invest in Binance and related NFTs, resulting in significant financial losses.
The Origin of the Lawsuit
The legal action stems from a partnership announced in November 2022 between Ronaldo and Binance. As part of this collaboration, Binance launched a series of NFTs branded with Ronaldo’s iconic “CR7” initials and his renowned shirt number. Ronaldo, a global football sensation, extensively promoted these NFTs on his Instagram account earlier this year.
#Binance 🤝 @Cristiano 🐐
We're kicking off an exclusive multi-year NFT partnership with football legend Cristiano Ronaldo.
This is your opportunity to own an iconic piece of sports history and join CR7's Web3 community. pic.twitter.com/3j1lKcqrbn
— Binance (@binance) June 23, 2022
The lawsuit argues that Ronaldo’s endorsements created a false sense of security among fans, leading them to invest in Binance and its associated products. Despite Ronaldo’s legal team’s attempts to dismiss the case, Judge Roy Altman’s ruling on May 4 denied Ronaldo’s motion to dismiss and granted the plaintiffs’ request to stay proceedings pending arbitration.
Moving Forward
The judge’s decision indicates that Ronaldo may refile his motion to dismiss at a later date. Meanwhile, the lawsuit remains in limbo as both parties await a ruling on arbitration.
This legal saga highlights the complexities surrounding celebrity endorsements in the cryptocurrency realm and raises questions about the responsibility of public figures in promoting financial products. As Ronaldo navigates this legal battle, the outcome could have significant implications for future celebrity endorsements in the cryptocurrency space.
Subscribe to our Twitter and YouTube to stay up to date with the latest events and trends in the NFT market.
