A filing in a US district court in Florida has alleged that the ex-Manchester United and Real Madrid man, 38, “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in co-ordination with Binance”.
According to The Times, it has been claimed by the plaintiffs of the case that his endorsement of the company led to them making losses on their investments.
Ronaldo’s representatives have been approached for comment.
The Al-Nassr forward signed a multi-year deal with Binance last year to promote non-fungible tokens – also known as NFTs.
These are virtual assets, used to prove ownership of an online picture or video, which can be purchased and sold.
Ronaldo and Binance collaborated to create an NFT collection in November 2022.
The Portuguese icon claimed this would reward his loyal followers “for all the years of support”.
Following the release of the NFTs, Ronaldo said: “It was important to me that we created something memorable and unique for my fans as they are such a big part of my success.
“With Binance, I was able to make something that not only captures the passion of the game but rewards fans for all the years of support.”
