The Al-Nassr player is facing legal action because of his promotion of Binance.

A class-action lawsuit has been filed against Cristiano Ronaldo by plaintiffs who claim they lost money as a result

of the football player’s promotion of Binance NFTs.

In an effort to incorporate Web3 into sports, the Al-Nassr and Portugal forward partnered with Binance to produce

and market yearly NFT projects that fans could purchase and participate in.

Ronaldo allegedly “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in

coordination with Binance,” according to complaints submitted in a lawsuit to a Florida district court.

The lawsuit also claims that because of Ronaldo’s immense popularity and reach, he was “incredibly successful” in driving

traffic and signups to the cryptocurrency exchange, growing Binance searches by 500%.

Claimants think that customers were more likely to use Binance’s other cryptocurrency services, like trading and staking,

as a result of Ronaldo’s promotion of the NFTs.

The legal action taken against the world-famous football player is primarily related to the regulatory issues that Binance has

been facing lately.

As the biggest cryptocurrency exchange globally, Binance reached a record settlement fee agreement of $4.3 billion with the

US Department of Justice. Additionally, Changpeng Zhao, the company’s founder and CEO, agreed to resign from his position.

Celebrities have been forewarned by the US Securities and Exchange Commission for the past year not to promote cryptocurrency

and digital assets that they believe to be unregistered securities, as this is against the agency’s rules and regulations.

While acknowledging Ronaldo’s prior trading experience, the lawsuit revealed that he should have known about “Binance selling

unregistered crypto securities.” Ronaldo was accused of having the same sentiment.

Gordon Lewis, Michael Sizemore, and Mikey Vongdara are the three claimants requesting monetary compensation as well as damages.