{"id":26658,"date":"2023-11-30T04:05:34","date_gmt":"2023-11-30T09:05:34","guid":{"rendered":"https:\/\/worldjusticenews.com\/news\/?p=26658"},"modified":"2023-11-30T04:05:34","modified_gmt":"2023-11-30T09:05:34","slug":"cristiano-ronaldo-faces-1bn-lawsuit-over-binance-adverts","status":"publish","type":"post","link":"https:\/\/worldjusticenews.com\/news\/2023\/11\/30\/cristiano-ronaldo-faces-1bn-lawsuit-over-binance-adverts\/","title":{"rendered":"Cristiano Ronaldo faces $1bn lawsuit over Binance adverts"},"content":{"rendered":"
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Footballer Cristiano Ronaldo is facing a class action lawsuit in the US over his promotion of Binance, the largest cryptocurrency exchange in the world.<\/b><\/p>\n<\/div>\n<\/div>\n

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The plaintiffs claim his endorsement led them to make loss-making investments.<\/p>\n<\/div>\n<\/div>\n

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

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

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In November 2022,\u00a0Binance announced its first “CR7” collection of non-fungible tokens (NFTs)<\/a>\u00a0in partnership with Ronaldo, which the footballer said would reward fans “for all the years of support”.<\/p>\n<\/div>\n<\/div>\n

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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<\/div>\n<\/div>\n

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“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\u00a0wealthiest athletes on earth<\/a>.<\/p>\n<\/div>\n<\/div>\n

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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<\/div>\n<\/div>\n

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Proud to be partnering with @binance<\/a><\/p>\n

Together we\u2019ll give you the opportunity to own an iconic piece of sports history.<\/p>\n

I\u2019m excited to take this journey with all of you. Let\u2019s change the NFT game with #Binance<\/a>. pic.twitter.com\/SNSCMHggct<\/a><\/p>\n

\u2014 Cristiano Ronaldo (@Cristiano) June 23, 2022<\/a><\/p><\/blockquote>\n