Cristiano Ronaldo, the soccer legend himself, attempted to dismiss a $1 billion crypto lawsuit but missed the mark. The class action has landed the soccer star in legal turmoil over his promotion of NFTs via Binance (BNB-USD).
Ronaldo Can’t Shake Off $1 Billion Headache
Judge Roy Altman swiftly rejected Ronaldo’s plea to dismiss the suit, instead putting the entire affair on hold until arbitration matters are resolved. Arbitration, for those not in the legal fantasy league, is akin to selecting your referee in a dispute rather than leaving the decision to the courts.
Here’s the score: Investors launched this legal missile at Ronaldo back in November 2023, a year after he introduced his “CR7” NFT collection on Binance—CR7 representing not only his initials and famous jersey number but also a brand meant to symbolize “innovation, artistry, and the thrill of fan engagement,” per the Binance playbook.
Deceptive Play or Fair Game?
Prosecutors have been waving a red card at Ronaldo’s NFT game, labeling it deceptive and harmful to investors, leading them into what they claim were costly and risky plays. Meanwhile, the Ethereum (ETH-USD)-based NFT scene, where these digital collectibles are in play, has seen better days, with minting activity and trading volumes taking a dive.
Ronaldo’s marketing maneuvers included some fancy footwork on Instagram, where he was seen having a ball—literally playing foosball—with another Binance-backed athlete. In a January post, he cheered about creating “the next level of fan experience” and training with holders of his rarest NFTs. Ronaldo’s influence spiked Google searches for Binance by 500% right after he announced this partnership, and his premium NFTs flew off the shelves within a week.
The plaintiffs are crying foul, arguing that Binance’s current heavyweight status in the crypto arena has been bolstered by its roster of celebrity endorsements, Ronaldo included. The exchange itself is currently sparring with U.S. regulators over whether its NFTs and tokens comply with investment contract rules under U.S. securities law.
As the dust settles and the court awaits the arbitration play, Ronaldo’s legal match remains paused but far from over. The game is still very much on, and it looks like Ronaldo will need more than fancy footwork to dribble past this one.
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