On Instagram, a Binance marketing post by soccer great Andrés Iniesta has garnered almost 270,000 likes.
A major Spanish financial authority has issued a warning to soccer star Andrés Iniesta for promoting the popular cryptocurrency exchange Binance.
Iniesta, a productive midfielder who has represented both Barcelona and Spain, was endorsing Binance on his Instagram and Twitter accounts.
On Wednesday, Iniesta shared multiple images of himself next to a laptop with the Binance website shown on the screen and holding a smartphone displaying various major cryptocurrency exchanges, including Bitcoin (BTC) and Binance Coin (BNB).
At the time of writing, Iniesta had over 38 million Instagram followers and over 25 million Twitter followers. By the time the Instagram post was published, it had accumulated over 270,000 likes.
About 12 hours after Iniesta wrote the message, Spain’s securities regulator, the National Securities Market Commission (CNMV), went to Twitter to warn the player about the hazards associated with cryptocurrency investments.
Citing its February 2021 regulatory statement, the CNMV emphasised the need of investors being adequately educated about cryptocurrency and its dangers before to investing or providing financial advice. “Hello Andres Iniesta, owing to the fact that cryptoassets are unregulated, they pose some substantial dangers,” CNMV noted.
It is unclear if Iniesta was compensated for endorsing Binance. Cointelegraph has contacted the soccer player using the contact information shown on Iniesta’s official website and will update this article when fresh information becomes available.
The announcement comes as Binance continues to work to strengthen its connections with global regulators, after the firm’s examination by a number of nations this year, including the United States, the United Kingdom, Italy, Canada, Japan, Singapore, and Germany.
Earlier this year, many Spanish banks withdrew backing from Binance. In July, the United Kingdom division of Spanish bank Santander said that it will suspend payments to Binance, citing concerns from the United Kingdom’s Financial Conduct Authority.
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