{"id":37441,"date":"2023-11-30T18:08:19","date_gmt":"2023-11-30T18:08:19","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit"},"modified":"2023-11-30T18:23:24","modified_gmt":"2023-11-30T18:23:24","slug":"cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit","title":{"rendered":"Cristiano Ronaldo faces $1bn crypto ad lawsuit"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Footballer Cristiano Ronaldo is facing a class action lawsuit in the US over his promotion of Binance, the largest cryptocurrency exchange in the world.<\/p>\n

The plaintiffs claim his endorsement led them to make loss-making investments. They are seeking damages of \u201ca sum exceeding\u201d $1bn (\u00a3790m). The BBC has contacted both Ronaldo\u2019s management company and Binance for comment.<\/p>\n

In November 2022, Binance announced its first \u201cCR7\u201d collection of non-fungible tokens (NFTs) in partnership with Ronaldo, which the footballer said would reward fans \u201cfor all the years of support\u201d.<\/p>\n

NFTs are virtual assets that can be bought and sold, but which have no real-world form of their own \u2013 in other words they only exist digitally. Generally, they are used to mark ownership of something, such as a picture or video online.<\/p>\n

\u201cCR7\u201d refers to Ronaldo\u2019s initials and shirt number, and is used as branding in a range of products, from footwear to fragrances, that have helped make him one of the wealthiest athletes on earth.<\/p>\n

In a social media video announcing the partnership, Ronaldo told would-be investors \u201cwe are going to change the NFT game and take football to the next level\u201d. The cheapest NFT from the collection was priced at $77 when it went on sale in November 2022 \u2013 but one year later, it was priced at about $1.<\/p>\n

The claimants allege that Ronaldo\u2019s promotion of Binance led to a \u201c500% increase in searches\u201d for the crypto exchange, which is registered in the Cayman Islands.<\/p>\n

They also say it led people to use the firm to invest in what they call \u201cunregistered securities\u201d \u2013 such as Binance\u2019s BNB cryptocurrency. According to the US Securities and Exchanges Commission (SEC), these assets can be considered securities \u2013 and so celebrities endorsing them must follow US law.<\/p>\n

SEC chair Gary Gensler previously said celebrities must \u201cdisclose to the public from whom and how much you are getting paid to promote investment in securities\u201d.<\/p>\n

\u201cWhen 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,\u201d he said.<\/p>\n

The claimants allege Ronaldo should have disclosed how much he was being paid, but did not. Nigel Green, boss of consultancy firm DeVere Group, said the problems at the heart of the case went wider than just one footballer.<\/p>\n

\u201cIt is crucial to recognise that blaming Ronaldo alone oversimplifies a complex issue,\u201d he said.<\/p>\n

\u201cInstead, attention should also be directed towards global regulators who have been slow to establish clear guidelines for this evolving financial landscape.<\/p>\n

\u201d Future plans<\/p>\n

Ronaldo and Binance appear to have plans to work together again in the future, with a recent social media post from the footballer saying they are \u201ccooking something up\u201d.<\/p>\n

Neither have responded to the BBC\u2019s requests for comment. The class action suit was filed a week after the US Justice Department told the firm to pay $4.3bn (\u00a33.4bn) in penalties and forfeitures.<\/p>\n

It accused Binance of helping users bypass sanctions around the world, and of making it easy for criminals and terrorists to move money. Its chief executive, Changpeng Zhao, resigned from the firm, having admitted money-laundering violations.<\/p>\n

Major League Baseball, Formula 1 and Mercedes-Benz are all also facing class action lawsuits filed on the same day over their promotion of failed crypto-exchange FTX.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Footballer Cristiano Ronaldo is facing a class action lawsuit in the US over his promotion of Binance, the largest cryptocurrency exchange in the world. The plaintiffs claim his endorsement led them to make loss-making investments. They are seeking damages of \u201ca sum exceeding\u201d $1bn (\u00a3790m). The BBC has contacted both Ronaldo\u2019s management […]<\/p>\n","protected":false},"author":84,"featured_media":37440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,245,241,1320],"class_list":["post-37441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-mauritius","tag-mauritius","tag-ronaldo"],"yoast_head":"\nCristiano Ronaldo faces $1bn crypto ad lawsuit - Mauritius<\/title>\n<meta name=\"description\" content=\"Footballer Cristiano Ronaldo is facing a class action lawsuit in the US over his promotion of Binance, the largest crypt ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cristiano Ronaldo faces $1bn crypto ad lawsuit\" \/>\n<meta property=\"og:description\" content=\"Footballer Cristiano Ronaldo is facing a class action lawsuit in the US over his promotion of Binance, the largest crypt ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-30T18:08:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-30T18:23:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/11\/sm_1701355826.209284.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Cristiano Ronaldo faces $1bn crypto ad lawsuit\",\"datePublished\":\"2023-11-30T18:08:19+00:00\",\"dateModified\":\"2023-11-30T18:23:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit\"},\"wordCount\":570,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/11\/sm_1701355826.209284.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Mauritius\",\"Ronaldo\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit\",\"name\":\"Cristiano Ronaldo faces $1bn crypto ad lawsuit - 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