Judge Officially Rejects C Ronaldo’s Motion to Dismiss
Renowned football star C Ronaldo (Cristiano Ronaldo) faced a class-action lawsuit in the United States at the end of last year for promoting the cryptocurrency exchange Binance and leading investors into high-risk investments. The lawsuit was filed in the Federal District Court for the Southern District of Florida, and the judge recently rejected C Ronaldo’s motion to dismiss, indicating that the case will proceed to trial.
Judge Roy Altman stated, “We deny the defendant’s 29th motion to dismiss, but do not exclude the possibility of it being raised again.” This means that both parties will continue to discuss and argue the content of the case, but C Ronaldo may potentially file the same motion again. The judge also allowed the plaintiff’s request to confirm whether the case can be referred to an arbitration body for a decision before proceeding with the litigation process.
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C Ronaldo Sued for Promoting Binance NFT
The lawsuit was filed on November 27, 2023, accusing C Ronaldo of promoting Binance and causing significant financial losses to the plaintiffs due to their involvement in high-risk investments, which is considered fraudulent and illegal behavior. According to the foreign media NFTPlazas, the investments mentioned by the plaintiffs are mainly related to the “CR7” NFT series launched by the exchange in collaboration with C Ronaldo.
In November 2022, C Ronaldo and Binance launched an exclusive NFT series that visually depicts seven iconic moments of C Ronaldo, including his legendary move “the scissor kick.” Depending on the rarity, holders had the chance to receive signed merchandise, future NFT airdrop whitelist access, and a virtual meet and greet with C Ronaldo himself.
This collaboration is not the only one. In July 2023, C Ronaldo and Binance released a second NFT series called “ForeverCR7: The GOAT,” which also offers holders autographed jerseys, posters, exclusive videos, and other empowering assets based on different rarity levels. It indeed holds great appeal for loyal fans.
On C Ronaldo’s Instagram page, which has over 600 million followers, he not only wrote promotional statements like “Join me on my NFT journey on Binance” in his bio, but also frequently posted to promote his NFT series, gaining high exposure. Despite attempts by C Ronaldo’s legal team to dismiss the case, it has now been rejected by the judge.
Even though celebrities may endorse various investment products, cryptocurrency investments always come with risks. Before making investment decisions, thorough research and preparation should be conducted, and it should be remembered that even products endorsed by well-known figures like C Ronaldo cannot guarantee a risk-free experience.
Source:
NFTPlazas,
Finance Magmates
