Cristiano Ronaldo has landed himself into controversy by promoting Binance and faces $1bn lawsuit, have a look at the worth of his deal
The world’s largest cryptocurrency exchange, Binance, is the target of a class action lawsuit filed in the US against football player Cristiano Ronaldo.
What is the worth of Cristiano Ronaldo deal with Binance as he faces lawsuit in the US
As per a report byย BBC,ย the plaintiffs contend that investing with his support resulted in losses for them. In damages, they are requesting “a sum exceeding” $1 billion (ยฃ790 million). At least three of Ronaldo’s collections are linked to Binance, as the football player and Binance engaged into a multiyear collaboration in mid-2022 to promote a range of his own nonfungible tokens (NFTs).
This partnership and Ronaldo’s immense power and reach reportedly enticed unsuspecting investors to Binance, where they were deceived into making unregistered securities investments, according to the $1 billion lawsuit brought by three individuals (as per many accounts).
Reports suggest that according to the complaint, people who enrolled for Ronaldo’s NFTs were more likely to use Binance for other things, like investing in what they call unregistered securities, like BNB and its cryptocurrency yield schemes. As per a report inย Coin Telegraphย oulet:
Ronaldoโs promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform.โ
Meanwhile, The chair of the board of directors for the US-based cryptocurrency exchange Binance, Changpeng “CZ” Zhao, the former CEO of the well-known exchange, will also leave his role, as reported byย Coin Telegraphย site. The company stated on their official X (formerly known as Twitter) account:
As [Zhao] transitions to life after Binance, he has decided to step down from his role as Chairman of our Board of Directors and transferred his voting rights through a proxy arrangement.โ
As per zycrypto site, Changpeng Zhao said he was leaving his position as CEO of Binance after entering a guilty plea to federal charges and agreed to pay $4.3 billion in fines. CZ has now formally resigned as the Chairman of the Binance exchange’s US division amid the numerous controversies that have surrounded his exit, the site suggests.
Ronaldo and Binance entered a multi-year partnership last year and sa part of the partnership, the Portuguese will launch a series of NFTs via the Binance platform. The Al Nassr superstar launched the first NFT in November last year and the Cryptocurrency platform wanted to make use of Portugueseโs fan following and saw a surge in users after binding Ronaldo the previous year.
As per financial expert in soccer Kieran Maguire, Ronaldo could add to the north of $25 million and speculating the earnings for the five-time Ballon dโOr winner, Maguire said, โThis will potentially be more lucrative for Ronaldo than Unitedโs deal. From a social media perspective, he is bigger than the club.โ He cited the $25 million United and Bezos deal to speculate the earnings for Ronaldo but nothing is officially known yet about the figure.