Cristiano Ronaldo To Pay $750K In Court Settlement Or Face Public Trial
Latest News News

Cristiano Ronaldo To Pay $750K In Court Settlement Or Face Public Trial

Football superstar Cristiano Ronaldo has found himself in a tight spot and might need to settle in court for a massive amount over promoting Binance.

As it happens, Ronaldo might have to settle the case for $750,000 in order to avoid a public trial in the US connected to a multi-year partnership with the cryptocurrency exchange that launched his line of non-fungible tokens (NFTs), cryptocurrency lawyer Jemma Fleetwood said on November 30.

According to Fleetwood, the football field veteran “will likely be discussing with his legal advisers whether the claim has legal merit, what his defense will be, and whether he should make an offer to settle the case,” which might be difficult at an early stage due to the amount, so a public trial is possible, she said.

At the same time, the lawyer mentioned similar cases, such as against boxing legend Floyd Mayweather and music producer DJ Khaled over failing to divulge payments from promoting initial coin offerings (ICOs) and who settled those claims for around $750,000, which she thinks Ronaldo could do as well.

See Also: Binance, Not Licensed To Render Services To Citizens in Philippines: SEC

“Ronaldo may similarly attempt to settle the claims brought against him to avoid a public trial, the escalation of legal costs, and significant time spent on preparing court filings,” she explained.

As a reminder, the footballer is facing a $1 billion class action lawsuit in the US, alleging financial losses to Michael Sizemore, Mikey Vongdara, and Gordon Lewis over “promotion, assisting, and/or actively participating in the offer and sale of unregistered securities in coordination with” the crypto trading platform.

Indeed, the collaboration between Ronaldo and Binance started in 2022 with the launch of his collection of NFTs, the cheapest of which cost $77 at the time. 

The lawsuit asserts that the famous football player was or should have been aware that Binance was selling alleged unregistered crypto securities.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.