Cristiano Ronaldo is facing a legal challenge over one of his recent advertising campaigns, putting the Portuguese superstar in a challenging situation despite his involvement in numerous promotional endeavors.
The captain of Al-Nassr has been actively promoting Binance, the world’s largest cryptocurrency exchange. However, his affiliation with the company has resulted in legal troubles.
According to the BBC, Ronaldo is now facing a class action lawsuit in the United States over his endorsement of the cryptocurrency exchange. The lawsuit alleges that the plaintiff incurred financial losses in their investments due to Ronaldo’s promotion and is seeking damages amounting to $1 billion.
Upon Ronaldo’s initial partnership with Binance in November 2022, it was announced that he would be launching various collections of non-fungible tokens (NFTs), a type of virtual asset. Notably, the cheapest NFT, which was initially priced at $77, has now decreased to only $1 after a year.
Ronaldo reportedly didn’t divulge his pay
Another reason the footballer could be in trouble is his failure to disclose how much the company paid him.
According to US law, celebrities must divulge how much they are paid when they endorse investment opportunities so investors know why celebrities endorse such companies.