At an event sponsored by Binance, soccer star Cristiano Ronaldo demonstrated his commitment to holders of his non-fungible tokens (NFTs), despite facing legal challenges in the United States.
On January 25, cryptocurrency exchange Binance published a video in which Ronaldo played soccer with several fans and holders of his NFTs.
Accompanied by fellow Binance ambassador Khaby Lame and Croatian soccer player Maria Marković, Ronaldo trained with NFT holders, giving them tips to improve their game.
Ronaldo’s relationship with NFTs began in 2022, when he signed a long-term collaboration agreement with Binance and launched his first NFT collection on the platform.
The agreement included the creation of several NFT collections in collaboration with Ronaldo, offering exclusive engagement opportunities with the sports icon to NFT holders.
At the time, Ronaldo expressed in a press release that the relationship with his fans was fundamental, and the idea of providing unprecedented experiences and access through NFTs was something he wanted to participate in.
Some critics argue that Ronaldo’s association with Binance NFTs promoted unregistered investments on the exchange
This concern culminated in a class action lawsuit filed by users on November 27, 2023, in a United States district court in Florida.
The lawsuit filed against Cristiano Ronaldo on November 27, 2023 in a Florida court alleges his active participation in the offering of unregistered securities in collaboration with Binance.
This accusation could arise from possible irregularities, lack of transparency in the sale of NFTs, conflicts of interest or even misinformation about the associated risks.
Although the specific reasons are not detailed, the lawsuit raises questions about the legality and transparency of the issuance of NFTs, underscoring the growing complexity of celebrity-cryptocurrency partnerships and legal challenges in this emerging market.
Despite the lawsuit, Binance users encountered difficulties in notifying Ronaldo as his Saudi Arabia address remains private.
On January 16, 2024, the plaintiffs filed a request to employ alternative tactics, including sending notifications by email, via X (formerly Twitter), and posting on websites, arguing that this would comply with international agreements.
This episode reveals the complexities of celebrity partnerships and the NFT space, as well as the intersection of cryptocurrency and legal challenges.
Despite the legal tensions, Cristiano Ronaldo continues to carry out his projects with NFT holders, being active with the community even in the midst of legal controversies.