KEY POINTS
Football icon Cristiano Ronaldo faces ongoing legal challenges regarding his involvement with Binance in promoting non-fungible tokens (NFTs), as the judge refuses his request to dismiss the case.
On May 4, Judge Roy Altman made the decision, stating, “We deny without prejudice the Defendant’s 29 motion to dismiss.”
He agreed to temporarily halt legal proceedings at the plaintiffs’ request, pending a decision on whether the case should proceed to arbitration.
The class-action lawsuit was initiated in November 2023, following Binance CEO Zhao’s resignation over money laundering violations and the Department of Justice’s imposition of a $4 billion fine on the company.
As a consequence, Ronaldo was accused of his involvement in the promotion and sale of unregistered securities.
Ronaldo’s collaboration with Binance was originally announced in June 2022, under a sponsorship deal where he would promote and co-release NFT collections.
In Ronaldo’s words, the aim was to create “something memorable and unique for my fans as they are such a big part of my success.”
The first series, launched in November 2022, featured 6,045 NFTs showcasing seven animated statues of Cristiano Ronaldo in significant moments from his life, from career-defining bicycle kicks to his upbringing in Portugal.
Subsequent series, “ForeverCR7: The GOAT” in June 2023 and “ForeverZone” four months later, followed suit.
Legal proceedings temporarily stalled these initiatives, although NFT holders continued to enjoy benefits. In January, holders of Ronaldo’s second NFT collection were rewarded with an exclusive opportunity for an in-person training session with the soccer legend in Lisbon, Portugal.
Binance has faced turbulence recently. In February, Nigeria detained Binance executives, banned crypto websites and exchanges, and launched investigations into money flows to safeguard the economy. Last week, Binance CEO Richard Teng claimed Nigerian officials demanded a secret crypto settlement.
Binance’s activities have also drawn scrutiny from other countries; despite withdrawing from Canada in May 2023, regulatory authorities are still probing the exchange’s operations.
