Cristiano Ronaldo faces lawsuit over endorsement as investors report massive losses: Reports

Al-Nassr captain Cristiano Ronaldo
Al-Nassr captain Cristiano Ronaldo

Al-Nassr superstar Cristiano Ronaldo reportedly faces a lawsuit for endorsing the controversial cryptocurrency exchance Binance, which is accused of selling unlicensed securities.

As reported by OkayBeary, the 38-year-old is facing a class-action lawsuit regarding claims of promoting investiments in unregistered securities linked to Binance.

The said lawsuit was filed on November 27 in a Florida district court, accusing Ronaldo of active participation in the cryptocurrency exchance firm's business drive.

As per Invezz, Binance struck a deal with Ronaldo for promoting their non-fungible tokens. The aforementioned lawsuit alleges that the crypto firm took advantage of the player's massive global popularity to attract people to their trading platform, where they "invested in illegal securities".

Ronaldo's collaboration with Binance started in 2022. Since then, thanks to the player's enormous social media presence - over 850 million across platforms - Binance saw a 500% increase in online searches.

The said lawsuit says that Ronaldo - with his access to investment knowledge and expert advice - should have known that Binance was selling unlicensed securities. Hence, plaintiffs want compensation for their losses.

It's pertinent to note that Binance founder Changpeng Zhao has quit as the CEO of the firm and faces a potential 18-month jail time for violating money laundering rules and operating as an unlicensed entity.

How has Cristiano Ronaldo fared for Al-Nassr this season?

Al-Nassr superstar Cristiano Ronaldo
Al-Nassr superstar Cristiano Ronaldo

Cristiano Ronaldo is in sizzling form for Saudi Pro League giants Al-Nassr this season. Despite being almost 40, the Portugal captain is ageing like fine wine, rolling back the years with a series of sumptuous displays.

In 19 games across competitions, he has a rich haul of 18 goals and nine assists. That includes league-leading tallies of 15 goals and seven assists in 13 outings, with Al-Nassr only trailing leaders Al-Hilal (38) by four points after 13 games.

Overall, the five-time Ballon d'Or winner has 32 goals and 11 assists in 38 competitive outings for Al-Nassr since joining the Saudi Pro League giants on a free transfer in December.

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Edited by Bhargav