Spanish supervisory authority warns of Binance ads from soccer star Iniesta

A major financial regulator in Spanish has issued a warning regarding soccer star Andrés Iniesta for promoting the major crypto exchange Binance.

Iniesta, a standout midfielder who has played for Barcelona and the Spanish national team, has promoted Binance on his social media pages on Instagram and Twitter.

On Wednesday, Iniesta sent some pictures of him next to a laptop showing the Binance website on the screen and holding a smartphone reflecting some of the major crypto markets, including Bitcoin (BTC) and Binance Coins (BNB).

At the time of writing, Iniesta has over 38 million subscribers on Instagram and over 25 million followers on Twitter. The Instagram post had over 270,000 likes at the time of publication.

Spain’s stock exchange regulator, the National Securities Market Commission (CNMV), went on Twitter about 12 hours after Iniesta posted a post warning players about the risks of investing in crypto.

Citing its regulatory statement of February 2021, CNMV stressed that investors should be adequately informed about cryptocurrencies and their risks before investing and providing financial advice. “Hello Andres Iniesta, as an unregulated product, cryptocurrencies pose some significant risks,” wrote CNMV.

That is whether or not Iniesta is offered a withhold to promote Binance. Cointelegraph has contacted the footballer through the directory on Iniesta’s official website and will update this story pending new information.

Related: Post Malone shows BAYC NFT in a new music video with The Weeknd

The news comes as Binance continues to improve relationships with global regulators as the company has been audited by multiple governments this year including the US, UK and US, Italy, Canada, Japan, Singapore, Germany and others Countries.

Several Spanish banks cut support for Binance earlier this year. In July, the UK branch of Spanish bank Santander said it would no longer allow its customers to send payments to Binance, citing a warning from the UK Financial Conduct Authority.