Cristiano Ronaldo has built an empire off the field over the years. The last decade has seen the Portuguese superstar transcend sport and dip his toes into business ventures. While most of his ideas have been a massive hit, his partnership with crypto firm Binance has raised multiple red flags. However, despite the massive $1 billion lawsuit and athletes pulling the capital out of the crypto industry, Cristiano is going headstrong in his partnership with Binance, with the player taking to his social media to promote the firm.

Binance finds itself in hot waters with the company sued in a $1 billion lawsuit filed in the United States of America. The crypto firm has been accused of using public figures such as Cristiano to solicit customers into investing in the platform. Cristiano is not the only star who has found himself surrounded by controversies encircling Crypto. The likes of Logan Paul, Tom Brady, and Steph Curry have also faced a fair share of legal trouble because of their involvement with the industry.

Cristiano partners with Binance alongside a special guest

The Al Nassr skipper took to his Instagram account and posted a story of him doing keep-ups with a soccer ball. Ronaldo, in his story, left a message for his fans stating, “More from my day from Binance NFT holders coming soon.” The NFT firm did not miss the opportunity to capitalize on the post as they posted on their official Instagram account with Cristiano seen posing alongside internet fame Khaby Lame.

The Portuguese star announced his partnership with Binance in 2022, penning a multi-year million-dollar deal with the crypto firm. Cristiano, based on his partnership, launched exclusive NFTs alongside the firm. However, the crypto space has vehemently diminished since 2022, with many companies forced to close down their businesses. The Al Nassr skipper found himself embroiled in legal trouble last year with a Binance user suing the player and the company in a massive $1 billion lawsuit.

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Cristiano Ronaldo finds himself embroiled in crypto controversy

The Portuguese star’s partnership with Binance came under scrutiny with the firm accused of using their consumer’s money for illicit purposes. Ronaldo also came under fire with a lawsuit accusing him of promoting unregistered securities.

In his lawsuit, the plaintiff claimed, “Mr. Ronaldo’s promotions solicited or helped Binance solicit investments in unregistered securities, encouraging his millions of followers, fans, and supporters to invest with the Binance platform.”

It is not the first time Binance has found itself in hot waters. The company was previously accused of money laundering by ex-CEO Changpeng Zhao. Moreover, he was forced to step down from his post after being accused of laundering over $4.3 billion. Therefore, Ronaldo is walking on a tightrope with the company, fans might say!

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