Cristiano Ronaldo faces $1bn lawsuit over crypto advert
Cristiano Ronaldo is facing a class action lawsuit in the United States for his support of Binance, the world’s largest cryptocurrency exchange.
The plaintiffs contend that his support influenced them to make risky investments.
They are seeking damages of “a sum exceeding” $1bn (£790m).
The BBC has contacted both Ronaldo’s management company and Binance for comment.
In November 2022, Binance announced its first “CR7” collection of non-fungible tokens (NFTs) in partnership with Ronaldo, which the footballer said would reward fans “for all the years of support”.
NFTs are virtual assets that can be bought and sold, but which have no real-world form of their own – in other words they only exist digitally. Generally, they are used to mark ownership of something, such as a picture or video online.
“CR7” refers to Ronaldo’s initials and shirt number, and is used as branding in a range of products, from footwear to fragrances, that have helped make him one of the wealthiest athletes on earth.
In a social media video announcing the partnership, Ronaldo told would-be investors “we are going to change the NFT game and take football to the next level”.
The cheapest NFT from the collection was priced at $77 when it went on sale in November 2022 – but one year later, it was priced at about $1.
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The claimants allege that Ronaldo’s promotion of Binance led to a “500% increase in searches” for the crypto exchange, which is registered in the Cayman Islands.
They also say it led people to use the firm to invest in what they call “unregistered securities” – such as Binance’s BNB cryptocurrency.
According to the US Securities and Exchanges Commission (SEC), these assets can be considered securities – and so celebrities endorsing them must follow US law.
SEC chair Gary Gensler previously said celebrities must “disclose to the public from whom and how much you are getting paid to promote investment in securities”.
“When celebrities endorse investment opportunities, including crypto-asset securities, investors should be careful to research if the investments are right for them, and they should know why celebrities are making those endorsements,” he said.
The claimants allege Ronaldo should have disclosed how much he was being paid, but did not.
Nigel Green, boss of consultancy firm DeVere Group, said the problems at the heart of the case went wider than just one footballer.
“It is crucial to recognise that blaming Ronaldo alone oversimplifies a complex issue,” he said.
“Instead, attention should also be directed towards global regulators who have been slow to establish clear guidelines for this evolving financial landscape.”
Ronaldo and Binance appear to have plans to work together again in the future, with a recent social media post from the footballer saying they are “cooking something up”.
Neither have responded to requests for comment.
How much is Mike Tyson, Jake Paul getting paid for the fight?
Jake Paul, a former child star and social media influencer who began his professional boxing career in 2020, on Saturday secured a victory against former heavyweight champion Mike Tyson in a boxing bout.
The fight was livestreamed worldwide on Netflix, and Paul won by unanimous decision.
While the outcome surprised some, the financial stakes were just as intense as the match itself, with both fighters set to earn huge sums for their efforts.
Mike Tyson, widely regarded as one of the greatest boxers in history, is 58 years old and has an estimated net worth of $10 million, according to Celebrity Net Worth.
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While this figure is modest compared to the hundreds of millions Tyson earned during his career, including $400 million in fight purses according to Forbes, he’s also made a remarkable comeback after declaring bankruptcy in 2013 at age 37.
Although promoters did not disclose Tyson’s exact earnings from the fight, reports from sources like DraftKings Network estimate he will earn around $20 million.
This figure is comparable to the amount Tyson earned for his 1988 match against Michael Spinks, which had a record purse at the time (worth approximately $53 million today when adjusted for inflation). That fight ended in just 91 seconds, with Tyson knocking out the previously undefeated Spinks.
Jake Paul, 27, is expected to earn approximately $40 million, according to estimates from DraftKings Network and other sources. This is double the amount Tyson is projected to make. One reason for this disparity may be Paul’s status as a top social media influencer, with 27 million followers on Instagram alone. Additionally, Paul is the co-founder of Most Valuable Promotions (MVP), the company promoting the fight in partnership with Netflix.
Paul’s net worth is estimated at $80 million, according to Celebrity Net Worth.
I don’t think so – Mike Tyson on boxing retirement after loss to Paul
After his defeat to Jake Paul, 58-year-old boxing legend Mike Tyson indicated that he has no immediate plans to retire
This is just as he had praises for Paul who he stood toe-to-toe with till the final round and ultimately lost to by a unanimous decision.
“I’m really happy. He was a good fighter and well prepared,” Mike Tyson said. “I didn’t prove anything to anyone. Just to myself.”
Asked on a knee brace that he wore for the fight, Tyson said: “I can’t use that as an excuse or wouldn’t have been in there.”
Asked if this was the end for Tyson in the ring, he concluded: “I don’t think so.”
Mike Tyson’s controversial return to boxing ended in a one-sided defeat on Friday, with Youtuber-turned-prizefighter Jake Paul cruising to victory by unanimous decision against the heavyweight icon in Texas.
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Tyson, 58, barely landed a punch during the eight-round bout at the AT&T Stadium in Arlington, with Paul winning by big margins on all three cards — 80-72, 79-73 and 79-73.
Paul, 27, used his superior speed and movement to dominate the ageing Tyson with ease, and had the former undisputed heavyweight champion in trouble after landing a flurry of punches in the third round.
Super Eagles seal AFCON 2025 spot, draw 1-1 against Benin
Victor Osimhen’s late header helped the Super Eagles of Nigeria secure a 1-1 draw against Benin Republic in Abidjan, clinching their qualification for the 2025 African Cup of Nations (AFCON).
Benin, playing their matches in Côte d’Ivoire, took an early lead in the 16th minute when Mohammed Tijani headed in a short corner.
The goal followed a period of sustained pressure from the Beninoise side on the Nigerian defence.
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Benin nearly doubled their advantage shortly afterwards, but goalkeeper Stanley Nwabali made a crucial save to keep Nigeria in the game.
Osimhen threatened as the first half progressed, with a powerful header that narrowly missed the target.
In the second half, Benin came close again, but a shot veered inches wide of the right post, sparing the Eagles further trouble.
With nine minutes remaining, Osimhen rose to the occasion, connecting with a precise cross from Moses Simon to level the score at 1-1.
With this result, the Super Eagles top Group D with 11 points from five matches, while Benin hold second place with seven points.
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