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Spanish stock exchange regulator warns of Binance advertising from soccer star Iniesta



The most important Spanish financial regulator warns of a social media post by the popular footballer Andrés Iniesta, in which the market-leading crypto exchange Binance is advertised.


Iniesta, who has long been a playmaker and guarantee of success at FC Barcelona and the Spanish national team, is currently promoting Binance on Instagram and Twitter (see below).


The 37-year-old soccer player, who is currently under contract in the Japanese league, posted several pictures on social media on Wednesday of sitting in front of a laptop and using a smartphone, each of which displays the Binance crypto trading platform. It seems he trades in cryptocurrencies like Bitcoin ( BTC ) and the Binance Coin ( BNB ).


At the time of going to press, the football genius has more than 38 million subscribers on Instagram and more than 25 million followers on Twitter. Accordingly, the Instagram post already has over 270,000 likes. So a lot of attention for the big crypto exchange.


Twelve hours later, however, the joy of the successful advertising campaign was dampened again, because the Spanish stock exchange regulator CNMV switched on Twitter and warned the footballer and his fans about the risks of crypto investments in a reply.


The authority refers to one of its communications from February 2021, in which it warned investors to inform themselves in detail about the asset class and its risks before investing in cryptocurrencies. In addition, the CNMV writes in its reply: "Hi Andres Iniesta, crypto currencies involve considerable risk because they are unregulated financial products."


So far, the athlete has not yet responded to the warning. Cointelegraph has already requested comments and will update this article as soon as there is feedback.


The current announcement comes at a time when Binance is trying to smooth things over with regulators around the world. Many countries have formulated massive criticism of the crypto trading platform in the past few weeks and months, including the US, UK , Italy, Canada, Japan, Singapore and Germany.



In addition, this year already some Spanish banks have cooperation with the crypto exchange terminated . In the course of this, the British arm of the Spanish bank Santander no longer wants to make payments to Binance.

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