Cristiano Ronaldo Continues NFT Engagement Amidst Ongoing U.S. Lawsuit
Summary:
Despite facing a class-action lawsuit in the U.S., football star Cristiano Ronaldo continues to engage with holders of his nonfungible tokens (NFTs). In a recent Binance video, Ronaldo played football with fans and NFT holders, offering game-improving advice. Ronaldo's proactive stance towards NFTs, integral to his 2022 multi-year partnership with Binance, is well-documented, even taking a lie detector test. However, this involvement has been criticised, with allegations of promoting investments in unregistered securities on the exchange leading to legal action.
Despite ongoing legal difficulties in the U.S., football icon Cristiano Ronaldo still fulfils his commitments to his nonfungible token (NFT) holders. A video published by the crypto exchange Binance on January 25, showed Ronaldo engaging in a friendly football match with fans and NFT holders, alongside fellow promoters Khaby Lame and Croatian football star Maria Marković. During this session, Ronaldo coached NFT owners, offering them tips for enhancing their football skills.
The international football sensation signed a multi-year NFT partnership and launched his primary NFT collection with Binance in 2022. The deal involved the creation of several NFT series, featuring Ronaldo, and offering exclusive interaction chances with the globally renowned athlete for NFT purchasers.
Ronaldo expressed in a Cointelegraph press release that his fan connection was crucial to him and that delivering unique experiences and access via NFTs was a concept he embraced wholeheartedly. Throughout 2023, he continued to endorse NFTs through Binance, even performing bold moves like taking a lie detector test during the release of his second NFT collection in association with the exchange. The lie detector verified Ronaldo's claim of possessing NFTs as truthful.
However, not everyone has approved of Ronaldo's involvement with Web3. Some critics claim that his endorsement of Binance's NFT division allegedly fueled investments in unregistered securities on the exchange. A class-action lawsuit was lodged against Ronaldo on November 27 in the U.S. district court in Florida arguing that he "actively participated in providing and selling unregistered securities in partnership with Binance."
Even with the ongoing lawsuit, the users of Binance encountered problems in locating and serving Ronaldo due to his privately held Saudi Arabian address. Hence, on January 16, the complainants proposed employing alternative tactics, including sending notices via email, X (formerly known as Twitter), and website publication, contending this process conforms with international agreements.
Published At
1/26/2024 1:35:50 PM
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