Ronaldo’s Crypto Kicks: NFT Promotion Lands Soccer Star in Legal Turmoil

Cristiano Ronaldo, the soccer legend himself, attempted to dismiss a $1 billion crypto lawsuit but missed the mark. The class action, which has him in hot water over his promotion of NFTs via Binance (BNB-USD), is lingering like a bad smell.

Ronaldo Can’t Shake Off $1 Billion Headache

Judge Roy Altman swiftly rejected Ronaldo’s plea to dismiss the suit, instead putting the entire affair on hold until arbitration matters are resolved. Arbitration, for those not in the legal fantasy league, is akin to selecting your referee in a dispute rather than leaving the decision to the courts.

Here’s the score: Investors launched this legal missile at Ronaldo back in November 2023, a year after he introduced his “CR7” NFT collection on Binance—CR7 representing not only his initials and famous jersey number but also a brand meant to symbolize “innovation, artistry, and the thrill of fan engagement,” per the Binance playbook.

Deceptive Play or Fair Game?

Prosecutors have been waving a red card at Ronaldo’s NFT game, labeling it deceptive and harmful to investors, leading them into what they claim were costly and risky plays. Meanwhile, the Ethereum (ETH-USD)-based NFT scene, where these digital collectibles are in play, has seen better days, with minting activity and trading volumes taking a dive.