Andres Iniesta, soccer superstar, warned for promoting Binance

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TL;DR Breakdown

  • Andres Iniesta warned by Spanish regulators for promoting Binance exchange.
  • Regulators says products on Binance is not regulated.

Former Barcelona player and Spain football superstar Andres Iniesta have been warned by financial regulators after the player recently promoted Binance exchange.

The midfield maestro posted a series of pictures of him next to a laptop showing the Binance website on the screen as well as holding a smartphone reflecting several major crypto markets, including Bitcoin (BTC) and Binance Coin (BNB).

He has a huge following on social media, with 25 million followers on Twitter and 38 million on Instagram. The post was liked 270,000 times on Instagram.

“I’m learning how to get started with crypto with @binance #BinanceForAll,” the player said. His post did not reveal if the company paid for the content. However, he is not the first football star to promote Binance.

Previously, Uruguayan star Suarez and Portugal forward Raul Jimenez also posted similar pictures.

Andres Iniesta, soccer superstar, warned for promoting Binance 1
Raul Jimenez promoting Binance
Luis Suarez promoting Binance
Luis Suarez promoting Binance

Spain regulators warn Andres Iniesta

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

CNMV stressed that investors should be properly informed about crypto and its risks before investing and making financial advice. “Hi Andres Iniesta, crypto-assets carry some significant risks due to being unregulated products,” CNMV wrote.

Market regulators worldwide have felt uneasy about cryptocurrencies and cryptocurrency trading platforms that handle huge amounts of money and whose operations are mostly unregulated.

Binance is beefing up effort to improve relationships with global regulators as the firm has been scrutinized by multiple governments this year, including the United States, the United Kingdom, Italy, Canada, Japan, Singapore, Germany, and others.

Some Spanish banks cut support to Binance earlier this year. In July, Spanish bank Santander in The U.K. said that it would no longer be allowing its customers to send payments to Binance, citing warnings from the U.K. Financial Conduct Authority.