Judge Officially Denies C. Ronaldo’s Motion to Dismiss
Renowned football star C. Ronaldo (Cristiano Ronaldo) faced a class-action lawsuit in the United States at the end of last year, primarily for promoting the cryptocurrency exchange Binance and leading investors into high-risk investments. The lawsuit was filed in the United States District Court for the Southern District of Florida, and the judge recently denied C. Ronaldo’s motion to dismiss, indicating that the case will proceed to trial.
Judge Roy Altman stated, “We deny the defendant’s 29th motion to dismiss, but do not exclude the possibility of it being filed again.” This means that both parties will continue to discuss and debate the contents of the case, but C. Ronaldo may refile the same motion. The judge also allowed the plaintiff’s request to confirm whether the case can be referred to an arbitration institution for a ruling before continuing the litigation process.
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C. Ronaldo accused of promoting Binance NFT
The lawsuit was filed on November 27, 2023, accusing C. Ronaldo of promoting Binance and causing significant financial losses to the plaintiffs by leading them into high-risk investments, which is considered fraudulent and illegal behavior. According to the foreign media NFTPlazas, the investments mentioned by the plaintiffs were mainly related to the “CR7” NFT series launched in collaboration with the exchange.
In November 2022, C. Ronaldo and Binance launched an exclusive NFT series that visually captured seven iconic moments of C. Ronaldo’s career, including his legendary move “the scissor kick.” Depending on the rarity, holders had the opportunity to receive signed merchandise, future NFT airdrop whitelists, and virtual meet-and-greets with C. Ronaldo himself.
This was not the only collaboration. In July 2023, C. Ronaldo and Binance released a second NFT series called “ForeverCR7: The GOAT,” offering holders autographed jerseys, posters, exclusive videos, and more, depending on the different levels of rarity. It undoubtedly had a strong appeal to loyal fans.
On his Instagram page with over 600 million followers, C. Ronaldo not only wrote promotional statements such as “Join me on my NFT journey on Binance” in his bio but also frequently posted about his NFT series, gaining high exposure. Despite attempts by C. Ronaldo’s legal team to have the case dismissed, it has now been denied by the judge.
Even though celebrities may promote or endorse various investment products, cryptocurrency investments always carry risks. Before making investment decisions, thorough research and preparation should be conducted, and it should be noted that even products endorsed by well-known figures like C. Ronaldo cannot guarantee risk-free investments.
Sources:
NFTPlazas, Finance Magmates