Spanish regulator raises alarm about Binance promo by soccer star Iniesta

An Instagram post promoting Binance by soccer legend Andres Iniesta has already attracted over 270,000 likes.
A major financial regulator in Spain has put out a warning regarding soccer star Andres Iniesta for promoting major cryptocurrency exchange Binance.Iniesta, a prolific midfielder who has played for Barcelona and the Spanish national team, was promoting Binance on his social media profiles on Instagram and Twitter.On Wednesday, Iniesta posted several 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).Hola,@andresiniesta8, los criptoactivos, al ser productos no regulados, tienen algunos riesgos relevantes. Es recomendable leer el comunicado [email protected]_MEDIOS del 9/2/2021 e informarse a fondo antes de invertir en ellos o de recomendar a otros que lo hagan– CNMV (@CNMV_MEDIOS) November 24, 2021

At the time of writing Iniesta had more than 38 million Instagram followers and more than 25,000,000 Twitter followers. At the time of writing, Iniesta had more than 38 million Instagram subscribers and more than 25 million Twitter followers. “Hi Andres Iniesta. Cryptoassets have some significant risks because they are unregulated products.” CNMV wrote. It is not clear if Iniesta was offered a retainer to promote Binance. Cointelegraph reached out to Iniesta via contacts on Iniesta’s official website. We will update this story as soon as we have more information. This news comes amid Binance’s efforts to improve relations with global regulators. The firm has been scrutinized this year by many governments, including the United States of America, Canada, Japan and Singapore. Some Spanish banks have stopped supporting Binance earlier in the year. The United Kingdom branch Santander, a Spanish bank, announced in July that it would no longer allow its customers to pay Binance. This was based on warnings from the U.K. Financial Conduct Authority.

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