Due to his promotion of Binance NFTs, Cristiano Ronaldo is the target of a $1 billion class-action lawsuit

Cristiano Ronaldo has been sued for at least $1 billion for endorsing Binance's "non-fungible tokens," or NFTs.

The lawsuit filed Monday in federal court in the Southern District of Florida claims Ronaldo's Binance advertising was “deceptive and unlawful.” The plaintiffs say Binance's partnership with Ronaldo led to risky and expensive investments.

Before the 2022 World Cup, Ronaldo unveiled his first NFT “CR7” collection with Binance in November. Seven animated sculptures of Ronaldo from his youth in Portugal to his bicycle-kick goals were included in the NFTs, which cost $77 to $10,000.

Monday's suit claims Ronaldo's Binance relationship was “incredibly successful” and increased online searches for “Binance” by 500% after the soccer star's NFTs were disclosed. The suit says the pricier NFTs sold out in the first week.

Ronaldo should have revealed Binance's partnership payment, according to the claim. The SEC previously stated that celebrities must disclose their compensation for promoting securities, including crypto assets.

NFTs are digital images with version numbers added to a bitcoin blockchain to make them “unique” collectibles. After a brief surge, NFTs have plummeted due to crypto industry scandals and market meltdowns.

Binance was sued by regulators this summer for operating as an unregistered stock exchange and violating many U.S. securities laws. Last Monday, the crypto exchange settled for $4 billion and its founder Changpeng Zhao resigned as CEO and pled guilty to a crime for failing to prevent money laundering.