Cristiano Ronaldo faces $1bn lawsuit over Binance ads

Footballer Cristiano Ronaldo is facing a class action lawsuit in the US over his promotion of Binance, the largest cryptocurrency exchange in the world.

NFTs are virtual assets that can be bought and sold, but which have no real-world form of their own – in other words they only exist digitally

“CR7” refers to Ronaldo’s initials and shirt number, and is used as branding in a range of products, from footwear to fragrances, that have helped make him one of the wealthiest athletes on earth.

The claimants allege that Ronaldo’s promotion of Binance led to a “500% increase in searches” for the crypto exchange, which is registered in the Cayman Islands.

The claimants allege Ronaldo should have disclosed how much he was being paid, but did not.

“It is crucial to recognise that blaming Ronaldo alone oversimplifies a complex issue,” he said.

“Instead, attention should also be directed towards global regulators who have been slow to establish clear guidelines for this evolving financial landscape.”