Cristiano Ronaldo is facing a class-action lawsuit where plaintiffs argue they incurred losses due to his endorsement of the crypto exchange Binance, currently entangled in legal issues.
The Al-Nassr star entered a sponsorship deal with Binance in June 2022, despite prior warnings by the Financial Conduct Authority about the exchange’s risks. The claimants assert that Ronaldo’s association resulted in over $1 billion in damages through unprofitable investments.
The filed complaint in the United States District Court, Southern District of Florida, accuses Ronaldo of actively participating in the sale of unregistered securities with Binance. Additionally, it alleges a 500 percent surge in searches for the crypto exchange following Ronaldo’s promotion of its NFTs.
Gary Gensler, the chair of the U.S. Securities and Exchange Commission, has previously stressed the importance of celebrities endorsing investment opportunities, especially in the realm of crypto-asset securities, and advocated for thorough research by investors.