Cristiano Ronaldo "CR7" Grapples with $1B Lawsuit over Binance Endorsement

<p>Soccer star Cristiano Ronaldo is entangled in a class-action lawsuit in the United States amounting to over $1 billion, involving his association with Binance. Plaintiffs have asserted that Ronaldo endorsed the
crypto exchange, leading them to incur financial losses.</p><p>According to a report by BBC, the lawsuit states that Ronaldo's promotional activities influenced individuals to engage in
investments that eventually turned out to be unprofitable. The plaintiffs in
this matter are seeking compensation surpassing $1 billion.</p><p>The "CR7" NFT Collaboration</p><p>Ronaldo's collaboration with Binance gained attention
in November 2022 when the exchange unveiled its inaugural "CR7"
collection of non-<a href="https://www.financemagnates.com/terms/f/fungible/">fungible</a> tokens (NFTs). This partnership aimed to reward Ronaldo's fans for their unwavering support, using NFTs, which are digital assets representing ownership of online content.</p><p>The venture was marketed as a game-changer in the
NFT space. Ronaldo expressed intentions to revolutionize football through this
collaboration. However, the latest legal dispute has raised questions about the
responsibilities associated with celebrity endorsements in the fast-growing
cryptocurrency landscape.</p><blockquote><p lang="en" dir="ltr">Myself and <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> are giving away 50,000 free surprises!And one lucky winner will win the golden ticket – a trip to train with me in person.Head over to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> to claim your free CR7 ForeverZone BoxGet involved<a href="https://t.co/1cl21YjQeJ">https://t.co/1cl21YjQeJ</a> <a href="https://t.co/DVlzWhbEMH">pic.twitter.com/DVlzWhbEMH</a></p>— Cristiano Ronaldo (@Cristiano) <a href="https://twitter.com/Cristiano/status/1712105777828364738?ref_src=twsrc%5Etfw">October 11, 2023</a></blockquote><p>Meanwhile, the Former CEO of Binance, Changpeng Zhao
(CZ), is facing a monumental <a href="https://www.financemagnates.com/cryptocurrency/binances-former-ceo-faces-sentencing-us-doj-addresses-flight-risk-concerns/" target="_blank" rel="follow">legal battle against the US Department of Justice (DOJ)</a> after admitting guilt in violating anti-money laundering laws. Earlier, the DOJ requested that CZ's travel to the UAE be restricted. The federal court granted the request.</p><p>Binance and CZ under Fire </p><p>While the DOJ did not push for immediate incarceration, they opposed CZ's departure from the US, citing concerns about a potential flight risk. CZ is facing a
possible sentence ranging between 18 months to 10 years. He has resigned as
Binance's CEO in a <a href="https://www.financemagnates.com/terms/s/settlement/">settlement</a> with the DOJ, which includes a bond agreement of
$175 million.</p><p>Simultaneously, Binance <a href="https://www.financemagnates.com/cryptocurrency/regulatory-storm-binances-unprecedented-penalties-shake-crypto-sector/" target="_blank" rel="follow">faces substantial penalties</a>
totaling $4.3 billion after pleading guilty to various charges. The settlement between the exchange and the DOJ includes a deal to exit the US market and appoint a new CEO. The
aftermath of the legal tussle has witnessed a significant <a href="https://www.financemagnates.com/cryptocurrency/binance-shrinks-coinbase-expands-in-shifting-bitcoin-reserves/" target="_blank" rel="follow">outflow of Bitcoin reserves</a> from Binance.</p><p>The crypto exchange is facing regulatory scrutiny for various violations involving the Bank Secrecy Act and anti-money laundering regulations. Binance has appointed Richard Teng as the new CEO as part of its commitment to comply with US standards.</p>

This article was written by Jared Kirui at www.financemagnates.com.