Spanish market regulator berates football star Iniesta for promoting Binance

Football Soccer – AFC Champions League – Quarter Finals – Vissel Kobe v Suwon Bluewings – Al Janoub Stadium, Al Wakrah, Qatar – December 10, 2020 Andres Iniesta van Vissel Kobe warming up before the match REUTERS/Ibraheem Al Omari

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MADRID, Nov. 25 (Reuters) – Spanish market regulator scolded football star Andres Iniesta Wednesday night after promoting cryptocurrency exchange platform Binance on his Twitter and Instagram accounts.

“I’m learning how to get started with crypto with @binance #BinanceForAll,” the player said on his social media accounts, featuring photos of himself in front of a laptop apparently transacting on Binance’s website.

The posts gave no indication as to whether or not the content was paid for by the company. Iniesta did not immediately respond to a request for comment from Reuters sent via Twitter.

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Iniesta, who played for Barcelona for most of his career, was part of the Spanish national team that won the World Cup in 2010 and now plays for Kobe in Japan. He has 25 million followers on Twitter and 38 million on Instagram. The post was liked 270,000 times on Instagram.

In a tweet released a few hours after Iniesta’s, the Spanish market regulator told him to be thoroughly aware of cryptocurrencies before investing in them or advising others to do so.

“Hello @andresiniesta8, cryptoassets, which are unregulated products, carry some significant risks,” the regulator told the footballer on his Twitter account.

Market regulators around the world have felt uneasy about cryptocurrencies and cryptocurrency trading platforms that handle massive amounts of money and whose activities are mostly unregulated.

In recent years, several cases of asset disappearance or platform hacking or bankruptcy have been reported.

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Reporting by Inti Landauro and Aida Pelaez-Fernandez; Editing by Edmund Blair

Our Standards: The Thomson Reuters Trust Principles.

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