Spanish Regulator Issues Warning Against Binance Promotion By Soccer Legend Iniesta

Spanish regulator CNMV has issued a fresh warning to football legend, Andrés Iniesta for his posts which seemed to be promoting crypto exchange Binance.

Spanish Regulator Wary of Iniesta’s Binance Promo

Andres Iniesta, was arguably one of the best midfielders in the world in his prime, playing for Barcelona and the Spanish national team during his career. However, the legend is in the news for something totally different from soccer today. He has been doing something close to a paid promotion of Binance across his social media pages, especially on Instagram and Twitter.

At the moment of writing this report, Iniesta boasts of over 38 million followers on Instagram, and well over 25 million followers on Twitter too. However, the CNMV’s warning is coming on the heels of Iniesta’s Wednesday post. In what seemed like an obvious promotion, Iniesta posted several pictures of him, and in a subtle manner, he showed Binance website while holding a smartphone — as if to indicate his choices in the crypto markets where his followers can join him.

It took the CNMV only about 12 hours to respond to Iniesta’s initial post as they wrote;

“Hi Andres Iniesta, cryptoassets carry some significant risks due to being unregulated products,”

The response by the Spanish regulator, the National Securities Market Commission (CNMV), carries an obvious warning for the player about the risks attached to crypto investments.

Recall that earlier in February, the CNMV issued a regulatory statement, highlighting the importance of investors having full knowledge about crypto and properly understanding its risks before investing in it.

Was It Really A Promo?

The fact remains to be established though, as to whether this was a paid promo by Binance or Iniesta was only asking people’s opinions about investing in crypto, for personal reasons.

Lately, Binance itself has come under fire with many regulators across the globe. But even though there’s a reputable face to the ‘promo’ this time, one cannot shy away from the fact that scammers use this promotion method to lure investors into making financial decisions.

As earlier reported by TheCoinrise, social media platforms play a major role in communicating financial promotions to consumers. And in this regards, the U.K Financial Conduct Authority (FCA) has also been making efforts to ensure that google, and a number of other platforms, are held liable for financial promotions they communicate.