CRISTIANO RONALDO ENGAGES WITH NFT HOLDERS AMID LEGAL CHALLENGES

The recent engagement of Cristiano Ronaldo with fans who hold his Non-Fungible Tokens (NFTs) has brought together the worlds of sports and digital assets. Sponsored by the cryptocurrency exchange Binance, the exclusive event allowed NFT holders to meet Ronaldo in person and receive personal football tips from the football legend. This event, captured in a video released by Binance on January 25, underlines Ronaldo's commitment to his fans and his ventures into the digital asset space.

Ronaldo's journey into NFTs began in 2022 when he entered a multiyear partnership with Binance. This collaboration went beyond the release of NFT collections, emphasizing the creation of unique experiences for NFT holders. Ronaldo's first NFT collection aimed to connect with fans on a deeper level, providing unprecedented access and experiences through digital tokens.

Throughout 2023, Ronaldo's collaboration with Binance continued with promotional activities, including a notable lie detector test during the release of his second NFT collection. The admission of owning NFTs, confirmed as truthful by the lie detector, resonated with the Web3 community.

However, amidst the positive reception of Ronaldo's NFT endeavors, legal challenges have emerged. Critics argue that Ronaldo's association with Binance's NFT arm may have led to the promotion of what they consider unregistered securities on the exchange. This contention resulted in a class-action lawsuit filed against Ronaldo on November 27, 2023, in a U.S. district court in Florida. The lawsuit alleges Ronaldo's active involvement in the offer and sale of unregistered securities in coordination with Binance.

The legal process has faced complications, mainly due to challenges in serving Ronaldo, whose address in Saudi Arabia is not publicly available. To overcome this, plaintiffs filed a motion on January 16, seeking permission to use alternative methods for serving the legal notice, including email, X (formerly Twitter), and website publication. The intention is to ensure that the legal process can proceed despite difficulties in reaching Ronaldo.

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