It is alleged that their advertisements induced them to invest in crypto on the platform and they suffered huge losses.
In November 2022, Binance has announced its first 'CR7' collection of non-fungible tokens in partnership with Cristiano.
The lawsuit claims Ronaldo should have known that Binance was selling crypto.
With 850 million followers on social media, Ronaldo was a part of Binance's growing popularity due to his influence and reach.
Their sale of NFTs is alleged to have been “incredibly successful” in promoting the exchange.
It received a 500% increase in Binance searches in the week following the Ruati sale.
The lawsuit demands damages of more than $1 billion.