Spanish regulator sounds the alarm on soccer star Iniesta’s Binance promo

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A leading Spanish financial regulator has warned football star Andrés Iniesta for promoting the leading cryptocurrency exchange Binance.

Iniesta, a prolific midfielder who played for Barcelona and the Spanish national team, was promoting Binance on his social media profiles on Instagram and Twitter.

Wednesday, Iniesta job several photos of him next to a laptop showing Binance’s website on screen and holding a smartphone reflecting several major crypto markets, including Bitcoin (BTC) and Binance Coin (BNB).

At the time of writing, Iniesta has over 38 million followers on Instagram and over 25 million followers on Twitter. The Instagram post had amassed over 270,000 likes at the time of publication.

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Spain’s securities market regulator, the National Securities Market Commission (CNMV), took to Twitter about 12 hours after Iniesta made the post to warn the player of the investment risks. in cryptography.

Citing its regulatory statement from February 2021, the CNMV stressed that investors should be properly informed about crypto and its risks before investing and giving financial advice. “Hello Andres Iniesta, crypto-assets carry significant risk due to the fact that they are unregulated commodities,” CNMV wrote.

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The question is whether Iniesta has been offered a provision for the promotion of Binance. TSTIME has contacted the soccer player via contacts on the official Iniesta website and will update this story pending further information.

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The news comes as Binance continues its efforts to improve its relationship with global regulators as the company has been scrutinized by multiple governments this year, including the US, UK, Italy, Canada, Japan. , Singapore, Germany and others.

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Some Spanish banks cut back their support for Binance earlier this year. In July, the UK branch of Spanish bank Santander said it would no longer allow its clients to send payments to Binance, citing warnings from the UK Financial Conduct Authority.