A major financial authority in Spain has issued a warning to soccer player Andrés Iniesta over a promotion involving prominent cryptocurrency exchange Binance, the post amassed over 270,000 likes on Instagram.
Iniesta, a talented midfielder who has represented both Barcelona and the Spanish national team, was supporting Binance on his Instagram and Twitter accounts.
On Wednesday, Iniesta shared numerous photos of himself holding a smartphone with several major crypto exchanges, including Bitcoin (BTC) and Binance Coin, as well as a laptop with the Binance website on the screen (BNB).
Iniesta has almost 38 million Instagram followers and over 25 million Twitter followers as of this writing. By the time it was published, the Instagram post had received over 270,000 likes.
About 12 hours after Iniesta’s message was published, Spain’s securities market regulator, the National Securities Market Commission (CNMV), took to Twitter to warn the player about the risks of crypto investments.
The CNMV stated in a regulatory statement dated February 2021 that investors should be well-informed about cryptocurrency and its hazards before investing or giving financial advice. “Hello, Andres Iniesta,” CNMV stated, “crypto-assets involve some major risks as unregulated items.”
The news comes as Binance continues to work to improve its connections with international regulators, as the company has been inspected by a number of nations this year, including the US, the UK, Italy, Canada, Japan, Singapore, Germany, and others.
Earlier this year, some Spanish banks withdrew their support for Binance. The UK division of Spanish bank Santander announced in July that it will no longer enable its customers to transmit money to Binance, citing warnings from the UK Financial Conduct Authority.