{"id":51286,"date":"2023-11-29T20:02:38","date_gmt":"2023-11-29T20:02:38","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit"},"modified":"2023-11-29T21:13:30","modified_gmt":"2023-11-29T21:13:30","slug":"cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit","title":{"rendered":"Cristiano Ronaldo faces $1bn crypto ad lawsuit"},"content":{"rendered":"

Africa-Press – Mozambique. <\/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.<\/p>\n

They are seeking damages of “a sum exceeding” $1bn (\u00a3790m).<\/p>\n

The BBC has contacted both Ronaldo’s management company and Binance for comment.<\/p>\n

In November 2022, Binance announced its first “CR7” collection of non-fungible tokens (NFTs) in partnership with Ronaldo, which the footballer said would reward fans “for all the years of support”.<\/p>\n

NFTs are virtual assets that can be bought and sold, but which have no real-world form of their own – 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

“CR7” refers to Ronaldo’s 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 “we are going to change the NFT game and take football to the next level”.<\/p>\n

The cheapest NFT from the collection was priced at $77 when it went on sale in November 2022 – but one year later, it was priced at about $1.<\/p>\n

The claimants allege that Ronaldo’s promotion of Binance led to a “500% increase in searches” 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 “unregistered securities” – such as Binance’s BNB cryptocurrency.<\/p>\n

According to the US Securities and Exchanges Commission (SEC), these assets can be considered securities – and so celebrities endorsing them must follow US law.<\/p>\n

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

“When 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,” he said.<\/p>\n

The claimants allege Ronaldo should have disclosed how much he was being paid, but did not.<\/p>\n

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

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

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

Future plans<\/b><\/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 “cooking something up”.<\/p>\n

Neither have responded to the BBC’s requests for comment.<\/p>\n

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.<\/p>\n

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 Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. 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 “a sum exceeding” $1bn (\u00a3790m). The BBC has contacted both Ronaldo’s management […]<\/p>\n","protected":false},"author":84,"featured_media":51285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,281,283],"class_list":["post-51286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nCristiano Ronaldo faces $1bn crypto ad lawsuit - Mozambique<\/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\/mozambique\/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\/mozambique\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-29T20:02:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-29T21:13:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/11\/sm_1701279164.935478.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\/mozambique\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Cristiano Ronaldo faces $1bn crypto ad lawsuit\",\"datePublished\":\"2023-11-29T20:02:38+00:00\",\"dateModified\":\"2023-11-29T21:13:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit\"},\"wordCount\":574,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/11\/sm_1701279164.935478.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/cristiano-ronaldo-faces-1bn-crypto-ad-lawsuit\",\"name\":\"Cristiano Ronaldo faces $1bn crypto ad lawsuit - 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