World Crypto Global
- Written by: Tareq Sikder
- Wed, 08 May 2024
- Israel
In a legal blow to Cristiano Ronaldo, the famed Portuguesesoccer star, the judge overseeing the $1 billion class action lawsuit againsthim has rejected his motion to dismiss the case. The lawsuit, filed in Florida,accuses Ronaldo of endorsing Binance, which allegedly led investors into making costly and riskyinvestments.Ronaldo's Motion Denied in Binance NFT LawsuitJudge Roy Altman's ruling, issued on May 4, followed arequest from the plaintiffs to stay proceedings until a ruling on a motion tocompel arbitration. Simultaneously, the judge denied Ronaldo's motion todismiss the case, stating: "We deny without prejudice the Defendant's 29 motionto dismiss."The lawsuit revolves around Ronaldo's promotion of Binance,particularly in relation to a collection of non-fungible tokens (NFTs) launchedin partnership with the soccer star in November 2022, called "CR7."Through social media endorsements and other promotional activities, Ronaldoencouraged fans to invest in Binance, promising rewards and emphasizing thepotential of NFT investments.Cristiano Ronaldo Suffers Legal Blow For Promoting Unsafe CR7 NFTs by Cryptocurrency Exchange Binance#CR7 | #CristianoRonaldo | #Cryptocurency https://t.co/aBXitJjvU3 LatestLY (@latestly) May 8, 2024Back in November 2022, Finance Magnates reported that Ronaldo,was set to unveilhis inaugural non-fungible token (NFT) collection exclusively on theBinance NFT marketplace. This launch marks the culmination of a multi-yearpartnership deal between the Portuguese star and Binance, initiated nearly fivemonths ago. Binance announced that the collection aims to provideRonaldo's fans with an introduction to Web3 through the realm of NFTs. Thepartnership aimed to facilitate broader blockchain understanding while alsoshowcasing Binance's role in building Web3 infrastructure for the sports andentertainment sector.Arbitration Stay Granted in Binance Endorsement LawsuitRonaldo's endorsements of Binance extended to his Instagramaccount, where he frequently touted the exchange and its associated products.Despite the legal action, Ronaldo's publicist has not yet provided comment onthe matter.The plaintiffs in the lawsuit are seeking damages exceeding$1 billion, alleging that Ronaldo's endorsements led them into makinginvestments that resulted in financial losses. Their request for the case to bestayed for arbitration, which would involve a third party resolving thedispute, has been granted by Judge Altman.This article was written by Tareq Sikder at www.financemagnates.com.
