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Cristiano Ronaldo targeted in a €915 million lawsuit |  Digital currencies

Cristiano Ronaldo targeted in a €915 million lawsuit | Digital currencies

Cristiano Ronaldo is being tried in a legal case in the United States of America after a partnership between the Al-Nasr player and cryptocurrency broker Binance. The BBC reviewed the process, and said that the complainants are demanding compensation amounting to 915 million euros from the Portuguese international player. Both Ronaldo and the company based in the Cayman Islands did not react to this process, according to what the British newspaper “Daily Mail” reported. Same source.

The lawyers in charge of the case claim that, according to North American law, it was necessary for Cristiano Ronaldo to declare the amount he received in this partnership. This obligation was closely linked to the type of financial product involved in this partnership, i.e. securities. The player did not do that and the case is now in court.

According to the complainants (whom the BBC did not identify), Cristiano Ronaldo’s sponsorship resulted in huge financial losses, and there was allegedly a 500% increase in demand for products offered by Binance. This growing trend is closely linked to the partnership made with Al-Nasr player, as the promoters of the issue have reiterated.

In 2022, Binance launched a set of NFTs (non-fungible tokens) under the CR7 brand. These products are Symbols of assets (such as photos and contracts) registered in huge databases Connected Created for transfers using cryptocurrencies ( Block chains).

NFTs, which act as a type of digital receipt, gained popularity in 2021, when digital artist Mark Winkleman (Beeple) was able to sell a record Connected Of digital collage worth about 58 million euros. Since then, several museums, artists and brands such as Lamborghini and Nike have also announced the creation of NFTs.

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This operation comes a week after the US Department of Justice fined the company approximately 3.9 billion euros, accusing the Binance platform of facilitating the transfer of money to criminals and terrorists.

Binance founder Changpeng Zhao was forced to step down as CEO of the company and pay a fine of $53 million (about 49 million euros).

On Cristiano Ronaldo’s part, this collaboration does not seem to have an end in sight, after the player announced the news soon. “Cook something with Binance,” the player wrote on Twitter on Tuesday.