Spanish regulator raises the alarm over Binance advertising for soccer star Iniesta

A major financial regulator in Spain has issued a warning against football star André s Iniesta for promoting the major crypto exchange Binance.

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

On Wednesday, Iniesta posted several photos of him next to a laptop that had the Binance website on-screen and held a smartphone that mirrored several of the major cryptocurrency markets, including Bitcoin (BTC). ) and Binance Coin (BNB).

Spanish regulator raises the alarm over Binance advertising for soccer star Iniesta
Spanish regulator raises the alarm over Binance advertising for soccer star Iniesta

As of this writing, Iniesta has more than 38 million subscribers on Instagram and more than 25 million followers on Twitter. The Instagram post had collected over 270,000 likes at the time of going to press.

Spain’s Securities Market Commission (CNMV) went on Twitter about 12 hours after Iniesta’s post was published to warn the player about the risks of investing in cryptocurrencies.

Citing its regulatory statement of February 2021, the CNMV stressed that investors must be properly informed about cryptocurrencies and their risks before investing and offering financial advice. “Hello André s Iniesta, there are some significant risks associated with crypto assets as they are unregulated products,” the CNMV wrote.

The question is whether Iniesta has been offered an advance to promote Binance. Cointelegraph has contacted the soccer player through the contacts on Iniesta’s official website and will update this story pending further information.

The news comes as Binance continues its efforts to improve relationships with global regulators as the company has been under scrutiny by various governments this year, including the United States, Britain, Italy, Canada, Japan, Singapore, Germany and others.

Some Spanish banks cut support for Binance earlier this year. In July, Spanish bank Santander’s UK branch announced that it would no longer allow its customers to send payments to Binance, citing warnings from the UK Financial Regulator.

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