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Spanish regulator raises alarm on Binance promo by soccer star Iniesta

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A major financial authority in Spain has issued a warning over soccer player Andres Iniesta‘s promotion of Binance, a major cryptocurrency exchange.

On his Instagram and Twitter accounts, the soccer player, a productive midfielder who has represented both Barcelona and Spain, was endorsing Binance.

On Nov. 24, Iniesta shared multiple photos of himself next to a laptop with the Binance website shown on the screen. As well as a smartphone with various major crypto markets, including Bitcoin (BTC) and Binance Coin (BNB) (BNB).

The soccer player has over 38 million Instagram followers and over 25 million Twitter followers. Significantly, at the time of publishing, the Instagram post had received over 270,000 likes.

About 12 hours after Iniesta’s remark, Spain’s securities market regulator, the National Securities Market Commission (CNMV), went to Twitter to warn the player about the hazards of crypto investments.

Citing its regulatory statement from February 2021, the CNMV stressed that investors should be properly informed about crypto. As well, its risks before investing and making financial advice. “Hi Andres Iniesta, crypto-assets carry some significant risks due to being unregulated products,” CNMV wrote.

In conclusion, It appears to be unclear whether Iniesta received any retainer for promoting Binance.

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