Cristiano Ronaldo Faces $1bn Lawsuit Over Binance Ads
Footballer Cristiano Ronaldo is facing a class action lawsuit in the US over his promotion of Binance, the largest cryptocurrency exchange in the world.
The plaintiffs claim his endorsement led them to make loss-making investments.
They are seeking damages of “a sum exceeding” $1bn (£790m).
The BBC has contacted both Ronaldo’s management company and Binance for comment.
Ronaldo and Binance appear to have plans to work together again in the future, with a recent social media post from the footballer saying they are “cooking something up”.
Neither have responded to the BBC’s requests for comment.
The class action suit was filed a week after the US Justice Department told the firm to pay $4.3bn (£3.4bn) in penalties and forfeitures.
It accused Binance of helping users bypass sanctions around the world, and of making it easy for criminals and terrorists to move money.
Its chief executive, Changpeng Zhao, resigned from the firm, having admitted money-laundering violations.
Major League Baseball, Formula 1 and Mercedes-Benz are all also facing class action lawsuits filed on the same day over their promotion of failed crypto-exchange FTX.
