Cristiano Ronaldo faces €790 million lawsuit in US after promise – Metro World News Brazil

The famous former Manchester United striker Cristiano Ronaldo It is the focus of a class action lawsuit in the United States, where it faces a legal battle estimated at €790 million. The dispute arose after the launch of the CR7 line of non-fungible tokens (NFTs) in November 2022, in partnership with cryptocurrency exchange Binance.

Prosecutors claim that Ronaldo’s involvement led to losses in investments, causing damages exceeding $1 billion. The complaint filed in the US District Court, Southern District of Florida, accuses the star of “promoting, assisting and/or actively participating in the offer and sale of unregistered securities in coordination with Binance.”

Impact on research

Other claims suggest that Ronaldo’s promotion of non-fungible tokens led to a “500 percent increase in searches” related to cryptocurrency exchanges after the tokens were launched. The Securities and Exchange Commission (SEC) previously warned that celebrities should disclose financial information when promoting investments.

Criticism of global regulators

Nigel Green, Chairman of the DeVere Group, stressed that the complexity of the issue goes beyond Ronaldo, pointing to the responsibility of global regulators to provide clear guidelines. He stressed that simplifying the problem by simply blaming the player is not enough.

Ronaldo and Binance

Despite the lawsuit, Ronaldo indicated in a recent social media post that he is still “preparing something” with Binance. Since his move to Al-Nasr, Ronaldo has become a pioneer in entering the Saudi Professional League, attracting other Premier League stars to the Middle East, according to what the British newspaper “The Sun” reported. Mirror.

The player has not officially commented on the process yet. Mirror Sport contacted Cristiano Ronaldo to comment on the ongoing controversy.