- May 28, 2024
- Posted by: [email protected]
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Portuguese football star Cristiano Ronaldo has announced an exciting new collaboration with Binance for the release of his fourth non-fungible token (NFT) collection. Scheduled for launch on May 29 on the Binance NFT Marketplace, this collection will celebrate highlights from Ronaldo’s illustrious football career, showcasing memorable moments and achievements.
“My football journey has taken me around the world, and I’ve had the honor of playing for some of the most prestigious clubs,” Ronaldo remarked, emphasizing the global and dynamic nature of his career that the NFT collection aims to capture.
The number of NFTs and their prices have yet to be published. However, it has been stated that each “normal NFT” will have a stable price; however, the final super rare NFT will have a different pricing structure. Ronaldo’s previous NFT events have provided more than just digital collectibles, offering exclusive opportunities such as playing football with Ronaldo as part of Binance promotions, adding significant value to the NFTs.
Despite the excitement surrounding this new collection, Ronaldo is currently entangled in legal issues related to his previous NFT ventures with Binance. In November 2023, Ronaldo faced a class-action lawsuit in a U.S. district court in Florida. Plaintiffs accused Ronaldo of participating in the offer and sale of unregistered securities in collaboration with Binance, arguing that he should have been aware of the nature of Binance’s activities.
This legal action comes at a time when there has been a noticeable trend of companies withdrawing from the NFT space. For example, in March, Starbucks terminated its NFT rewards program, signaling a retreat from its earlier venture into digital assets. In January, gaming retailer GameStop announced the closure of its NFT marketplace after scaling back its crypto services over the previous 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, reflecting a broader skepticism about the sustainability of NFT initiatives.
The legal lawsuit against Ronaldo is part of a broader context of increasing regulatory scrutiny faced by Binance globally. Last year, the Commodity Futures Trading Commission (CFTC) charged Binance with operating an illegal digital asset derivatives exchange and evading federal laws. Similarly, the U.S. Securities and Exchange Commission (SEC) charged Binance Holdings LTD and former CEO Changpeng Zhao (CZ) with operating unregistered exchanges, broker exchanges, clearing houses, and the unregistered offer and sale of securities.
On November 21, 2023, Binance and CZ pleaded guilty to multiple federal charges, including anti-money laundering violations and unlicensed money transmission. As part of the agreement with the Department of Justice, CZ resigned from his position as CEO of Binance. The company’s legal troubles did not end there; in March, a group of investors was given a renewed opportunity to pursue their case against Binance, its former CEO, and other executives.
This collaboration between Ronaldo and Binance comes at a complex time, with both parties facing significant legal and regulatory challenges. Nevertheless, the new NFT collection aims to capitalize on Ronaldo’s global appeal and the growing interest in digital collectibles while also navigating the intricate landscape of legal and regulatory scrutiny.
