Cristiano Ronaldo hit with legal blow in billion-dollar Binance lawsuit

Al Nassr star Cristiano Ronaldo has been hit with a setback in a billion-dollar class action lawsuit against him for promoting Binance, the world’s largest crypto currency exchange, according to a Newsweek report.

The report said that Judge Roy Altman, who is overseeing the one-billion-dollar class action lawsuit against the Portuguese footballer, denied his motion to dismiss the case last week.

The lawsuit was filed in November 2023.

Ronaldo, 39, is being sued in Florida for promoting the crypto currency exchange which, the plaintiffs claim, had led them into making costly and unsafe investments.

Judge Altman's ruling to stay proceedings pending a ruling on a motion to compel arbitration came after a request from the plaintiffs.

At the same time, Judge Altman wrote, "We deny without prejudice the Defendant's 29 motion to dismiss."

In November 2022, Binance had announced a collection of non-fungible tokens (NFTs) in partnership with the former Real Madrid star called "CR7," referring to Ronaldo's initials and shirt number.

Ronaldo had said the NFT would reward fans "for all the years of support" and in a video announcing the partnership, he had told potential investors that "we are going to change the NFT game and take football to the next level."

The former Manchester United star had promoted Binance several times on social media in the earlier months of 2023.