Cristiano Ronaldo faces USD 1 billion class-action lawsuit after promoting Binance NFTs

Cristiano Ronaldo has to pay at least $1 billion in damages for promoting cryptocurrency-related "non-fungible tokens," or NFTs, issued by the beleaguered cryptocurrency exchange Binance. The lawsuit was filed in federal court in the Southern District of Florida Monday alleged that Ronaldo's promotion of Binance was "deceptive and unlawful."

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"Evidence now reveals that Binance's fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognized organizations and celebrities across the globe, just like Defendant Ronaldo," the suit reads. Binance did not immediately return requests for a statement from The Associated Press.

Ronaldo launched his inaugural NFT "CR7" collection with Binance in November of last year, ahead of the 2022 World Cup. The NFTs which had starting prices ranging from the equivalent of about $77 to $10,000.

Ronaldo is one of the most wealthiest and famous athletes in the world. Ronaldo has continued to promote Binance on his official website and social media platforms. Most recently, Ronaldo reposted a Binance video and wrote that he was "Cooking something up" with the crypto exchange on Tuesday.