Spanish supervisory authority raises the alarm over football star Iniesta’s Binance promo

Spanish supervisory authority raises the alarm over football star Iniesta's Binance promo

A major financial regulator in Spain has warned soccer star Andres Iniesta about promoting the major cryptocurrency 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 November 24th, Iniesta sent several pictures of him next to a laptop showing the Binance website on the 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 subscribers on Instagram and more than 25 million followers on Twitter. The Instagram post had over 270,000 likes at the time of publication.

Spain’s securities regulator, the National Securities Market Commission (CNMV), went on Twitter about 12 hours after Iniesta’s post was posted to warn the player about crypto investment risks.

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Citing its February 2021 regulatory statement, the CNMV stressed that investors should be properly informed about crypto and its risks before investing and providing financial advice. “Hi Andres Iniesta, cryptoassets have some significant risks because they are unregulated products,” wrote CNMV.

It seems unclear whether Iniesta was offered an advance to help promote Binance. Cointelegraph has contacted the soccer player through the contacts on Iniesta’s official website and will update this story pending new information.