Iniesta Warned By Government Of Spain When Promoting Binance

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Iniesta: Football star Andrés Iniesta was warned this Wednesday (24) by one of the main financial regulators of the Spanish government to promote the Binance cryptocurrency exchange. The former Barcelona player used his Twitter and Instagram accounts to spread the word about the platform to millions of followers.

“I’m learning how to start using cryptocurrencies with @Binance”, wrote the athlete, who currently plays for Vissel Kobe, in Japan. 1,000 likes so far on Twitter and 1,300 comments.

One such response comes from the Spanish National Securities Market Commission (CNMV), the government agency responsible for financial regulation in the country. In the text, the agency reminded the author of the Spanish national team’s title goal at the 2010 World Cup that cryptoactives are not regulated products and that, therefore, they present “relevant risks”.

Following the tweet, the CNMV recommended Iniesta to read a statement released by it on the digital currency market. “You have to be well informed before investing in them (cryptoactives) or recommending to other people that they do so,” concluded the agency, warning the Spanish ace about the advertisement.

Risks of investing in cryptocurrencies

In an interview with El País, the president of CNMV, Rodrigo Buenaventura, stressed that people should be “extremely cautious” when investing in bitcoins and other digital currencies, as they are very different from traditional assets. He also recalled that these products are not regulated and are subject to various manipulations.

Buenaventura also commented that the European Union should still take a while to regulate this market. Meanwhile, brokerages like Binance, which was banned from the UK recently, have increasingly invested in hiring celebrities to promote cryptocurrencies around the world.

It is worth remembering that Iniesta is not the only famous player who passed by Barcelona to have business with digital assets. While Ronaldinho Gaucho acted as a poster boy for Atari’s digital currency, Lionel Messi was hired by PSG in a deal involving cryptocurrencies.