Cristiano Ronaldo faces a £790 million lawsuit in the United States

Cristiano Ronaldo has been named in a $1 billion (£790 million) class action lawsuit filed in the United States in connection with his involvement with the cryptocurrency exchange Binance.

In November 2022, the 37-year-old former Manchester United forward and multiple Ballon d’Or winner will launch a CR7 range of non-fungible tokens (NFTs) in collaboration with Binance. The cheapest token, which all refer to Ronaldo’s initials and shirt number, cost $77 (£60.76) last year but is now only worth $1 (£0.79).

The claimants claim that Ronaldo’s involvement resulted in losses and damages in excess of $1 billion. Ronaldo is accused of “promoting, assisting in, and/or actively participating in the offer and sale of unregistered securities in coordination with Binance” in the complaint, which was filed on Tuesday in the United States District Court for the Southern District of Florida in Miami.

According to the claims, Ronaldo’s promotion of the range resulted in a “500 percent increase in searches” for the crypto exchange following the token’s release.

Previously, SEC chair Gary Gensler stated that celebrities and athletes must “disclose to the public from whom and how much you are being paid to promote investment in securities.”

“When celebrities endorse investment opportunities, including crypto-asset securities, investors should be careful to research if the investments are right for them, and they should know why celebrities are making those endorsements,” he added.

In a video posted on social media last year, Ronaldo stated, “We are going to change the NFT game and take football to the next level.” According to the claimants, Ronaldo should have disclosed how much he was paid, but he did not.

According to Nigel Green, CEO of consultancy firm DeVere Group, the issues at the heart of the case were larger than just one footballer.

“It is crucial to recognise that blaming Ronaldo alone oversimplifies a complex issue,” said the Uruguayan soccer player. “Instead, attention should also be directed towards global regulators who have been slow to establish clear guidelines for this evolving financial landscape.”

Earlier, the Portugal international hinted that he was still working with Binance.

Ronaldo became the first high-profile footballer to join Al-Nassr after leaving Manchester United for the second time last year. Since then, a slew of top stars have followed him to the Middle East, including Jordan Henderson and Steven Gerrard from the Premier League.

In explaining the move, Ronaldo stated that he had accomplished everything there is to achieve in Europe after successful stints with Manchester United, Real Madrid, and Juventus.

“I am fortunate that I have won everything I set out to win in European football,” the veteran said last December. “I believe that now is the appropriate time to share my experience in Asia.” The vision of Al Nassr is very inspiring.