According to reports from Newsweek, a judge overseeing the case has dealt a blow to the Portuguese striker by rejecting his motion to dismiss the lawsuit.
The plaintiffs allege that Ronaldo’s promotion of Binance has lured unsuspecting investors into making risky and costly financial decisions. Seeking damages exceeding $1 billion, they argue that Ronaldo’s association has contributed to their financial losses.
In a recent ruling, Judge Roy Altman has opted to pause proceedings pending a decision on a motion to enforce arbitration.
Declining Ronaldo’s motion to dismiss, Judge Altman stated, “We deny without prejudice the Defendant’s [Ronaldo] 29 motion to dismiss.”
Ronaldo’s involvement with Binance dates back to the launch of the “CR7” collection of Non-Fungible Tokens (NFTs) in November 2022.
These digital assets, exclusively available for purchase and sale online, are markers of ownership for various digital items such as images and videos.
Despite the initial hype surrounding the collection, with the cheapest NFT priced at $77 during its launch, its value reportedly plummeted to $1 within a year.
In March, Ronaldo was again in the spotlight for his collaboration with Binance, appearing in a promotional video alongside professional female footballer Ana Maria Markovic.
Encouraging fans to engage with the brand, Ronaldo shared a link inviting them to join the conversation and participate in a football challenge.
Maintaining his association with Binance, Ronaldo continues to feature the exchange on his Instagram bio, urging followers to “Join my NFT journey on @Binance. Click the link below to get started.”
Amidst legal battles and promotional commitments, Ronaldo remains focused on his football career, with his team Al Nassr gearing up for an important fixture against Al Akhdoud in the Saudi Pro League.
Following this match, Al Nassr will face off against Al Hilal, with their rivals poised to secure the league title with just one more point needed.
Source:
Newsweek
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