Cristiano Ronaldo partners with Binance for new NFT collection despite ongoing legal battle

Last updated: May 27, 2024, 9:20 a.m. EDT | 2 minutes of reading

Famous Portuguese footballer Cristiano Ronaldo has revealed his collaboration with Binance for the launch of its fourth collection of non-fungible tokens (NFT).

The upcoming collection, set to be unveiled on May 29 on the Binance NFT marketplace, will pay homage to Ronaldo’s illustrious career, showcasing highlights from his footballing journey, according to a recent report. Binance blog post.

“My footballing journey has taken me around the world and I have had the honor of playing for some of the most prestigious clubs,” Cristiano Ronaldo said in a comment.

“Now it’s your turn to join me on this journey too.”

Number of NFTs in new collection undisclosed

The exact number of NFTs in the new collection has not been disclosed and pricing details have not yet been revealed.

However, it was mentioned that the price will remain the same for each “normal NFT”, while the final Super Rare NFT in the collection will have a different price structure.

Previous NFT events involving Cristiano Ronaldo have offered more than just digital assets, with holders being offered exclusive opportunities such as playing soccer with the legendary player as part of Binance promotions.

However, it is worth noting that the soccer star has been embroiled in legal issues related to his involvement in NFT collection sales with Binance.

In November 2023, Ronaldo faced a class-action lawsuit in U.S. District Court in Florida.

The plaintiffs alleged that Ronaldo actively participated in the offering and sale of unregistered securities in conjunction with Binance, and they argued that he should have been aware of Binance’s involvement in such activities.

It is worth noting that there has been a trend of companies ending their involvement in the NFT space.

Last March, Starbucks, the famous multinational coffee chain, made the decision to end its NFT rewards program.

In January, gaming retailer GameStop announced the closure of its NFT marketplace after scaling back its crypto services over the past two years.

More recently, X (formerly Twitter), owned by Elon Musk, abandoned a feature which allowed premium users to use NFT images as profile photos.

Binance’s Growing Regulatory Issues

The lawsuit against Ronaldo comes as Binance faces increasing regulatory scrutiny around the world.

Last year, the Commodity Futures Trading Commission (CFTC) filed charges against Binance for allegedly operating an illegal digital asset derivatives exchange and circumventing federal laws.

Likewise, the United States Securities and Exchange Commission indicted Binance Holdings LTD and ex-CEO Changpeng Zhao (CZ) for allegedly operating unregistered exchanges, brokerage exchanges, clearing houses, and unregistered offers and sales of securities.

Binance and CZ pleaded guilty to a series of federal chargesincluding anti-money laundering violations and unlicensed money transfers, November 21, 2023.

CZ later resigned as CEO of Binancewhich was part of the agreement with the DOJ.

In March, a group of investors seeking to sue the exchange, its former CEO Changpeng Zhao and other executives got another chance to pursue their cause.

Fuente