While Cristiano Ronaldo continues to dazzle on the soccer field, off the pitch, the renowned soccer star finds himself caught in a legal web involving a staggering $1 billion lawsuit.
A lawsuit related to his endorsement of a cryptocurrency company named Binance has put the former Manchester United star in trouble. The lawsuit has the potential to cost him a whopping $1 billion. However, to avoid a public trial, the soccer star may have to settle the case by paying $750,000.
Ronaldo came into the contract with Binance for a multi-year partnership, which resulted in the launch of his line of non-fungible tokens (NFTs). However, the instability in the cryptocurrency market has led to a significant drop in the value of Ronaldo’s NFTs. To make matters worse, the 38-year-old is now facing a massive $1 billion lawsuit in the United States related to the promotion of these tokens.
Cristiano Ronaldo faces $1 billion lawsuit for partnering with Binance.#MonzonFinance pic.twitter.com/1EdAO3q0lP
— MONZON FINANCE/@MonzonMorua (@MonzonMorua) December 1, 2023
According to reports, Changpeng Zhao, the CEO of Binance, has been forced to resign due to his guilty plea to charges of money laundering. This has further damaged the reputation of the company.
However, virtual asset professional lawyer, Jemma Fleetwood, has provided insight into the legal strategies that Ronaldo may use to free himself from this complicated legal situation.
He stated, “Mayweather and Khaled previously settled those claims for around $750,000. Ronaldo may similarly attempt to settle the claims brought against him to avoid a public trial.”
Now it is to see, how the Al-Nassr superstar finally gets out of the situation. Ronaldo stepped onto the field on Saturday, December 2, 2023 against Al-Hilal. However, things didn’t go for the Portuguese as his team went down by 3 goals to nil.
Cristiano Ronaldo is not the only one in trouble because of Binance
This is not the first time any soccer player landed into trouble involving Binance. Back in 2021, former Barcelona midfielder Andres Iniesta faced backlash from Spain’s financial regulator regarding a promotional tweet. Iniesta was paid by Binance for the promotional tweet that provoked a backlash from Spain’s financial regulator.
Spain’s National Securities Market Commission responded to Iniesta’s post on Twitter, emphasizing the risks associated with cryptoassets as non-regulated products.
🔷A major financial regulator in Spain has put out a warning regarding soccer star Andrés Iniesta for promoting major cryptocurrency exchange Binance.
Iniesta was promoting Binance on his social media profiles on Instagram and Twitter.@andresiniesta8 pic.twitter.com/O4u396q55s
— Zanyar (@Zanyar_crypto) November 26, 2021
Not only did Iniesta’s tweet lack disclosure of payment from Binance, but similar tweets by Raul Jimenez, James Rodriguez, and Luis Suarez were also without disclosure. Binance attributed the issue to miscommunication.
Suarez revealed a “paid partnership” in an Instagram post, while Rodriguez and Iniesta didn’t mention the sponsorship deal in their posts on Meta’s image-sharing platform.