Cristiano Ronaldo has been hit with a $1 billion class-action lawsuit alleging that he misled investors into purchasing Binance NFTs. The lawsuit was filed in Florida on Monday, November 27, 2023.
The lawsuit alleges that Ronaldo promoted Binance NFTs as a safe and profitable investment opportunity but failed to disclose that Binance was paying him to promote the NFTs. The lawsuit also alleges that the NFTs were not properly registered with the U.S. Securities and Exchange Commission (SEC).
The plaintiffs in the lawsuit are seeking damages of at least $1 billion. They are also seeking an injunction to prevent Ronaldo and Binance from continuing to promote the NFTs.
The lawsuit against Ronaldo is the latest in a series of lawsuits that have been filed against celebrities who have promoted cryptocurrency products. In recent months, celebrities such as Kim Kardashian, Floyd Mayweather, and Jake Paul have all been sued for allegedly misleading investors into purchasing cryptocurrency products.
The lawsuits against celebrities are raising concerns about regulating the cryptocurrency industry. The SEC has warned that celebrities who promote cryptocurrency products must be careful to avoid misleading investors. The agency has also said it is investigating several cryptocurrency companies for potential violations of securities laws.
The lawsuit against Ronaldo is still in its early stages, and it is unclear whether he will be found liable. However, the lawsuit indicates that the SEC is more aggressively regulating the cryptocurrency industry.