Man drag Cristiano Ronaldo go court because e endorse Binance
Wia dis foto come from, Getty Images
Footballer Cristiano Ronaldo dey face one class action lawsuit for US sake of say e promote Binance, di largest cryptocurrency exchange for di world.
Di plaintiffs claim say im endorsement don make dem loss dia investments.
Dem dey seek damages of "money wey pass" $1bn (₦789,240,000,000.00).
BBC don contact Ronaldo management company and Binance for comment.
For November 2022, Binance bin announce one series of CR7 non-fungible tokens (NFTs), wey Ronaldo tok say dey "reward fans for all di years of support".
"CR7" na di footballer initials and shirt number, dem dey use dis initials as branding for different products, from footwear to fragrances, dis don help am to be one of di wealthiest athletes on earth.
For one social media video wey announce di partnership, Ronaldo bin tell would-be investors say "we go change di NFT game and take football go di next level".
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Di cheapest NFT from di collection dey priced at $77 wen e go on sale for November 2022 - but one year later, di price dey around $1.
End of Di one wey oda users dey read well well
Di claimants allege say Ronaldo promotion of Binance bin lead to "500% increase in searches" for di crypto exchange, wey dey registered for di Cayman Islands.
Dem also say e lead pipo to use di firm to invest inside wetin dem call "unregistered securities" - like Binance BNB cryptocurrency.
According to di US Securities and Exchanges Commission (SEC), these assets fit dey considered securities - and so celebrities wey dey endorse dem must follow US law.
SEC chair Gary Gensler before now don tok say celebrities must "disclose to di public from whom and how much dem dey collect to promote investment in securities".
"Wen celebrities endorse investment opportunities, including crypto asset securities, investors suppose carefully research if di investments dey right for dem, and dem suppose know why celebrities dey make those endorsements," e tok.
Di claimants allege say Ronaldo suppose don do dis, but e no do am.
Nigel Green, CEO of consultancy firm DeVere Group, tok say di problems for di heart of di case big pass just one footballer.
"E dey important to recognise say blaming Ronaldo alone na generalizing a complex issue," e tok.
"Instead, make dem also direct attention towards global regulators wey dey slow to establish clear guidelines for dis evolving financial landscape."
Future plans
Wia dis foto come from, Getty Images
Even wit dis case, e be like say Ronaldo and Binance get plans to work togeda again for future. Dis na sake of one recent social media post from di footballer wey tok say dem dey "cook something up."
None of dem don reply BBC requests for comment.
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Dem file di class action suit one week afta di US Justice Department tell di firm to pay $4.3bn (£3.4bn) in penalties and forfeitures.
Dem accuse Binance of users bypass sanctions around di world, plus dem dey make am easy for criminals and terrorists to move money.
Dia chief executive, Changpeng Zhao, resign from di firm, having afta e confess to money laundering violations.
Major League Baseball, Formula 1 and Mercedes-Benz also dey face class action lawsuits dem file on di same day on top dia promotion of failed crypto exchange FTX.
