Ronaldo faces lawsuits

Portuguese football star Cristiano Ronaldo has been hit with a class-action lawsuit seeking at least US$1 billion (NZ$1.6 billion) in damages for his role in promoting cryptocurrency-related “non-fungible tokens”, or NFTs, issued by the beleaguered cryptocurrency exchange Binance. The lawsuit filed in federal court in the Southern District of Florida alleges that Ronaldo's promotion of Binance was “deceptive and unlawful”. Binance's partnership with high-profile figures like Ronaldo, the plaintiffs claim, led them into costly and unsafe investments. “Evidence now reveals that Binance’s fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognised organisations and celebrities across the globe – just like defendant Ronaldo,” the suit reads. Representatives for Ronaldo declined to comment. Binance, the world's largest cryptocurrency exchange, did not immediately return requests for a statement from AP. Ronaldo launched his inaugural NFT “CR7” collection with Binance in November last year, ahead of the 2022 World Cup.