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Ronaldo and Binance Launch New NFT Collection Amid Legal Issues

Renowned Portuguese footballer Cristiano Ronaldo has announced a collaboration with Binance for the launch of his fourth non-fungible token collection. This new collection, set to debut on May 29 on the Binance NFT Marketplace, will celebrate highlights from Ronaldo’s storied football career.

Ronaldo expressed excitement about this project, emphasizing his journey across the globe and his tenure with some of the world’s most prestigious football clubs.

Details of the New Collection

The exact number of NFTs in this collection remains undisclosed, and pricing details have not yet been revealed. It is known that each “Normal NFT” will have a uniform price, while the final Super Rare NFT will have a unique pricing structure. Previous NFT collections involving Ronaldo have included exclusive opportunities for holders, such as playing football with the legendary player as part of Binance promotions.

However, this collaboration is not without its complications. Ronaldo is currently involved in a legal battle over his participation in NFT sales with Binance. In November 2023, he faced a class-action lawsuit in a U.S. district court in Florida. The plaintiffs alleged that Ronaldo was involved in offering and selling unregistered securities with Binance and should have been aware of Binance’s activities.

Trends in the NFT Space

There has been a noticeable trend of companies withdrawing from the NFT market. In March, Starbucks (NASDAQ:SBUX) terminated its NFT rewards program. Similarly, GameStop (NYSE:GME) closed its NFT marketplace in January after reducing its crypto services over the past two years. More recently, X  under Elon Musk discontinued a feature that allowed premium users to use NFT images as profile pictures.

Binance’s Regulatory Troubles

The legal issues surrounding Ronaldo coincide with increasing regulatory scrutiny on Binance globally. Last year, the Commodity Futures Trading Commission charged Binance with operating an illegal digital asset derivatives exchange and evading federal laws. The U.S. Securities and Exchange Commission also charged Binance Holdings LTD and former CEO Changpeng Zhao with operating unregistered exchanges and the unregistered offer and sale of securities.

Binance and CZ pleaded guilty to several federal charges, including anti-money laundering violations and unlicensed money transmission, on November 21, 2023. As part of an agreement with the Department of Justice, CZ resigned as CEO of Binance.

In March, a group of investors seeking to sue Binance, its former CEO, and other executives were given a new opportunity to pursue their case.

Featured Image: Freepik

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