Soccer superstar Cristiano Ronaldo is facing a $1 billion class action lawsuit accusing him of illegally promoting Binance and selling worthless Cristiano Ronaldo NFTs">NFTs without adequate financial disclosures.
The suit alleges Ronaldo made deceptive claims and failed to reveal the nature or amount of his Binance compensation. Plaintiffs argue this violated securities laws requiring disclosure of paid crypto promotions targeting unfamiliar investors.
It mirrors other cases against celebrities like Kim Kardashian who regulators fined $1 million for crypto endorsement issues. The lawsuit also cites Binance’s recent $4 billion+ penalty from US authorities over lax anti-money laundering controls.
Ronaldo could face reputational and financial damage if found to have unlawfully cashed in on crypto hype without appropriate transparency around his backing.
It’s another warning that the crypto promotion game for influential figures carries heightened legal risks requiring extra diligence.
