Portuguese soccer star Cristiano Ronaldo is facing a class-action lawsuit filed in federal court in the Southern District of Florida on Monday. The lawsuit, seeking at least $1 billion in damages, accuses Ronaldo of promoting cryptocurrency-related "non-fungible tokens" (NFTs) issued by the troubled cryptocurrency exchange Binance to his millions of fans. The lawsuit alleges that Ronaldo's endorsement of Binance was "deceptive and unlawful," leading his fans into risky and expensive investments.

Under the marketing partnership between Ronaldo and Binance, the soccer star encouraged his fans and supporters to invest with the exchange, even though many of them were unfamiliar with cryptocurrencies or the platform. The lawsuit claims that Ronaldo's endorsements created the false impression that the investments were safe, leading to financial losses for the plaintiffs who bought products on Binance. The lawsuit states that Binance's fraud was only made possible through the sale of unregistered securities with the assistance of influential organizations and celebrities like Ronaldo.

Representatives for Ronaldo declined to comment on the lawsuit, while Binance, the world's largest cryptocurrency exchange, did not immediately respond to requests for a statement. This is not the first time a celebrity has faced legal action over involvement with the crypto world. Last year, NFL quarterback Tom Brady, supermodel Gisele Bundchen, and comedian Larry David were among those accused of defrauding investors in the collapse of the FTX cryptocurrency exchange.

The lawsuit also brings attention to Ronaldo's NFT collection, which was launched in collaboration with Binance in November of last year. The “CR7” collection featured animated statues depicting iconic moments from Ronaldo's life, and the suit alleges that the promotional efforts surrounding the partnership were highly successful. The suit claims a 500% increase in online searches for the keyword “Binance” after Ronaldo's NFTs were announced and states that the premium-level NFTs sold out within the first week.

The lawsuit further accuses Ronaldo of failing to disclose the amount he was paid for the Binance partnership, citing federal law that requires celebrities to publicly disclose their compensation for promoting securities, including crypto assets. NFTs, which are digital images with unique collectible attributes added to a cryptocurrency blockchain, experienced a brief boom but have since lost value due to scandals and market meltdowns in the crypto industry.

Binance itself has faced legal troubles over the summer, with accusations of operating as an unregistered securities exchange and violating US securities laws. The exchange recently agreed to pay a $4 billion settlement and its founder, Changpeng Zhao, stepped down as CEO and pleaded guilty to a felony related to money laundering.

Cristiano Ronaldo is one of the world's most recognizable and wealthiest athletes, having played for renowned clubs such as Real Madrid, Juventus, and Manchester United. He currently plays for the Saudi Arabian professional team Al Nassr. Despite the ongoing lawsuit, Ronaldo continues to promote Binance on his official website and social media platforms, hinting at future collaborations with the cryptocurrency exchange.