Cristiano Ronaldo finds himself entwined in a legal battle, grappling with a class-action lawsuit alleging investor damages linked to his endorsement of the cryptocurrency exchange, Binance. The legal dispute centers on Ronaldo’s collaboration with Binance to promote his non-fungible token (NFT) collections, which, according to the claim, inadvertently led investors into unregistered securities investments. To sidestep a potentially public trial, Ronaldo is reportedly considering settling the lawsuit for $750,000.
The acclaimed soccer player had inked a multi-year deal with Binance to lend his star power to the promotion of unique digital artworks and experiences encapsulated in his NFT collections. This collaboration garnered significant attention from fans and collectors alike. However, the lawsuit, filed in the Florida District Court on November 27, contends that Ronaldo actively participated in the sale of what regulatory authorities have classified as “unregistered securities,” facilitated through Binance’s platform.
Legal Experts Hint at Ronaldo’s Potential $1 Billion Lawsuit Settlement
The legal complaint asserts that individuals who registered for Ronaldo’s NFTs were more susceptible to engaging in additional activities on Binance, including investments in what they perceived to be unregistered securities, such as the BNB coin and its associated cryptocurrency yield schemes. The crux of the lawsuit lies in the claim that Ronaldo’s influential status and extensive reach lured unwitting investors to the exchange, where they were allegedly misled into making illicit investments.
Legal experts speculate that Ronaldo could potentially settle the lawsuit for $750,000, providing a resolution to the legal turmoil and averting a high-profile public trial that could have far-reaching consequences.
Recent indications suggest that Cristiano Ronaldo might opt to settle the $1 billion lawsuit for $750,000 to circumvent a potentially public trial in the United States. Legal experts, including digital asset specialist Jemma Fleetwood, have drawn comparisons with analogous cases involving public figures such as Shaquille O’Neal, Floyd Mayweather, and DJ Khaled, all of whom settled similar claims for approximately $750,000.
Fleetwood posits that Ronaldo’s legal counsel may advocate for a parallel settlement to avoid the potential reputational and financial repercussions associated with a public trial.
Related: Cristiano Ronaldo Grapples with Lawsuit Tied to Binance Partnership
Legal Perils Hover Over Sports Stars’ Connections with Binance
The legal entanglement involving Ronaldo is not an isolated incident within the realm of soccer players navigating the landscape of cryptocurrency endorsements. Former Barcelona player Andres Iniesta also faced controversy for endorsing Binance in 2021, participating in a campaign promoting the cryptocurrency company on his social media platforms. The heightened involvement of soccer players in promoting non-fungible tokens (NFTs) and engaging in crypto exchange activities has triggered regulatory concerns regarding legal risks and compliance within the industry.
While Cristiano Ronaldo continues to showcase his prowess on the soccer field, he confronts a formidable legal challenge off the pitch. The $1 billion lawsuit stemming from his association with Binance underscores the potential hazards tied to celebrity endorsements in the cryptocurrency sphere.
In seeking to avoid a public trial, Ronaldo appears poised to settle the case for $750,000, mirroring the choices made by other notable figures confronted with analogous circumstances. The resolution of this case carries ramifications not just for Ronaldo personally but also for the broader industry as it grapples with the convergence of sports, celebrity endorsements, and the dynamic landscape of digital assets.
