Cristiano Ronaldo Teams Up with Binance for New NFT Collection Despite Ongoing Legal Battle
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Renowned Portuguese footballer Cristiano Ronaldo has revealed his collaboration with Binance for the launch of his fourth non-fungible token (NFT) collection.
The upcoming collection, scheduled to be unveiled on May 29 on the Binance NFT Marketplace, will pay homage to Ronaldo’s illustrious career, showcasing highlights from his football journey, according to a recent blog post by Binance.
“My football journey has seen me travel around the world, and I’ve been honored to play for some of the most prestigious clubs out there,” Cristiano Ronaldo said in a comment.
“Now it’s your turn to join me on that journey too.”
Number of NFTs in New Collection Not Disclosed
The exact number of NFTs in the new collection has not been disclosed, and pricing details are yet to be 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 pricing structure.
Are you ready to relive our journey together?
My 4th NFT Collection on #Binance launching soon!
Register here now https://t.co/hRpL9EPsOn pic.twitter.com/ko6yOguNhx— Cristiano Ronaldo (@Cristiano) May 24, 2024
Previous NFT events involving Cristiano Ronaldo have offered more than just digital assets, with holders being granted exclusive opportunities such as playing football with the legendary player as part of Binance promotions.
However, it’s worth noting that the football 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 a United States district court in Florida.
The plaintiffs alleged that Ronaldo had actively participated in the offer and sale of unregistered securities in collaboration 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 discontinuing their involvement in the NFT space.
Back in March, Starbucks, the renowned multinational coffee chain, made the decision to terminate 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), under the ownership of Elon Musk, discontinued a feature that allowed premium users to use NFT images as their profile pictures.
Binance’s Growing Regulatory Troubles
The legal case against Ronaldo came as Binance has faced increasing regulatory scrutiny worldwide.
Last year, the Commodity Futures Trading Commission (CFTC) filed charges against Binance for allegedly operating an illegal digital asset derivatives exchange and evading federal laws.
Similarly, the US Securities and Exchange Commission charged Binance Holdings LTD and ex-CEO Changpeng Zhao (CZ) for allegedly operating unregistered exchanges, broker exchanges, clearing houses, and the unregistered offer and sale of securities.
Binance and CZ pleaded guilty to a range of federal charges, including anti-money laundering violations and unlicensed money transmission, on November 21, 2023.
CZ later resigned as the CEO of Binance, which was part of the agreement with the DOJ.
In March, a group of investors who sought to sue the exchange, its former CEO Changpeng Zhao, and other executives were given a fresh chance to pursue their case.
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