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On Instagram, a Binance marketing post by soccer legend Andrés Iniesta has received almost 270,000 likes.
A major financial authority in Spain has issued a warning to soccer player Andrés Iniesta for promoting Binance, a prominent cryptocurrency exchange.
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 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).
— Andrés Iniesta (@andresiniesta8) November 24, 2021
At the time of writing, Iniesta has over 38 million subscribers on Instagram and more than 25 million followers on Twitter. The Instagram post had amassed over 270,000 likes by the time of publishing.
Spain’s securities market regulator, the National Securities Market Commission (CNMV), took to Twitter about 12 hours after Iniesta published the post to warn the player about crypto investment risks.
Citing its regulatory statement from February 2021, the CNMV stressed that investors should be properly informed about crypto and its risks before investing and making financial advice. “Hi Andres Iniesta, cryptoassets carry some significant risks due to being unregulated products,” CNMV wrote.
The question is whether Iniesta was paid a retainer to promote Binance. Cointelegraph has contacted the soccer player through Iniesta’s official website and will update this story if fresh information becomes available.
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.