© Reuters.
Portuguese soccer star Cristiano Ronaldo has been the subject of a class action for his role in promoting cryptocurrency-related non-fungible tokens (NFTs) issued by Binance. The suit was filed Monday in federal court for the Southern District of Florida.
The plaintiffs are seeking damages of at least $1 billion, saying high-profile endorsements by celebrities like Ronaldo led them to invest in what they consider unsafe investments. The case revolves around allegations of illegal deception, with the plaintiffs arguing that the advertisements lured them into purchasing these digital assets without them having a clear idea of the risks involved.
This legal action comes at a time when the cryptocurrency market is under increased scrutiny, with regulators and investors calling for more transparency and accountability from platforms and endorsers. Ronaldo’s involvement in Binance, one of the world’s leading cryptocurrency exchanges, has brought this issue to the forefront, highlighting the influence celebrities can have on investment decisions.
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