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).
Hi there,@ andresiniesta8, Crypto assets that are unregulated products have some relevant risks. It is advisable to read the testimony of. to read@CNMV_MEDIOS dated 09/02/2021 https://t.co/SWRF73xEJj and do your research before investing in them or recommending others to do so
-CNMV (@CNMV_MEDIOS) November 24, 2021
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.