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Spanish Regulator Warns Andres Iniesta for Promoting Binance

| Updated
by Babafemi Adebajo · 2 min read
Spanish Regulator Warns Andres Iniesta for Promoting Binance
Photo: Depositphotos

It remains unclear whether Iniesta’s tweet means that Binance has put the soccer star on retainer or whether he was acting without influence.

Spanish market regulator National Securities Market Commission has expressed disapproval of  Andres Iniesta’s tweet. The soccer star had taken to his social media accounts to promote the cryptocurrency exchange platform Binance.

Iniesta shared images of himself making transactions on the Binance website via his social media accounts. Also, he added the caption “I’m learning how to get started with crypto with @binance #BinanceForAll” to his posts.

With his tweet, Iniesta joined two other Barcelona stars, Puyol and Pique, in expressing support for cryptocurrencies. As Carlos Grenoir, co-founder and CEO of Olyseum said in an interview with Forbes:

“Global icons and superstars have a unique ability to expedite evolving consumer trends and tap into the passion and enthusiasm of fans to create a genuine movement.”

Perhaps this is why the Spanish regulators took the tweet seriously enough to respond a few hours later. Citing their regulatory statement in February, the Spanish securities market regulator warned him. The regulator expressed the need for information before investing in cryptocurrencies or recommending the same to others. Their response to his tweet read:

“Hi @andresiniesta8, cryptoassets, being unregulated products, carry some significant risks.”

This was a direct reference to its regulatory statement in February 2021.

The soccer star is a Barca legend having played most of his career for Barcelona. With 25 million Twitter followers and 38 million on Instagram, the post had gathered over 270,000 likes on Instagram at the tie of writing.

Response from the Spanish Regulator Is Not a Surprise

The NSMC’s response is not surprising. Most cryptocurrency exchanges and trading platforms are unregulated. This has led to many-a-losses. As a result, financial and securities regulators globally have sought to regulate these firms enacting stricter regulations for the speculative market.

The cryptocurrency exchange Binance has, in particular, been the subject of many regulatory whips. The company has come under regulatory scrutiny in the United States, the United Kingdom, Italy, Canada, Japan, Singapore, Germany, and other countries. Iniesta’s announcement comes at a time when Binance is looking to improve relationships with global regulators.

It remains unclear whether Iniesta’s tweet means that Binance has put the soccer star on retainer or whether he was acting without influence.

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Babafemi Adebajo

An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.

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