This can be related to incorrectly entering the Rhino 5 key.
Try this and contact us if you continue to have problems:
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Close Rhino
Delete the LIC files located in C:\ProgramData\McNeel\Rhinoceros\5.0\License Manager\Licenses\ folder. It will look like this 1234567-8f7f-41da-801d-1c87e32f88f5.lic
Run Regedit.exe
Browse to HKEY_LOCAL_MACHINE\Software\Wow6432Node\McNeel\LicenseCache
Delete all the keys in the license cache
Start Rhino
Enter your license key
Try to validate again. (if you are validating offline, you'll need a new code from our web site)