Spanish Regulator Tells off Soccer Star Andres Iniesta for Promoting Binance

Andrés Iniesta – a legendary soccer player who helped Spain win the 2010 World Cup – recently advertised the cryptocurrency exchange – Binance – on some social platforms.

However, the National Securities Market Commission (CNMV) warned him that promoting such investments is not wise since digital assets are “unregulated products” that carry some “significant risks.”

Iniesta’s Binance Affair

On Wednesday, Andrés Iniesta – a soccer star playing for the Japanese Vissel Kobe and former midfielder of FC Barcelona – uploaded a picture of him on Twitter and Instagram, where he is sitting in front of a laptop showing the Binance logo on the screen.

Estoy aprendiendo cómo empezar con las criptomonedas con @BinanceES #BinanceForAll

I’m learning how to get started with crypto with @binance #BinanceForAll pic.twitter.com/3Km58KrnPG

— Andrés Iniesta (@andresiniesta8) November 24, 2021

The post gained massive popularity, and nearly 300,000 people liked it on Instagram in a single day.

A few hours later, the Spanish market regulator – CNMV – responded under Iniesta’s publication urging the soccer player to get informed about bitcoin and the altcoins before investing in them or recommending others to do so. The watchdog asserted that those assets are not regulated, and as such, they could pose enhanced risks to investors.

According to Reuters, there was no indication whether the soccer star had received any financial stimulus to promote Binance to his nearly 38 million followers.

The 37-year-old Andrés Iniesta is considered one of the greatest midfielders of all time. In the 2010 FIFA World Cup Final, he scored the winning goal against the Netherlands, and thus Spain stepped on the soccer throne for the first time in its history. Nevertheless, he created his legacy mainly while playing for FC Barcelona between 2002 and 2018, where he became an idol for the local supporters.

Barça’s Crypto Endeavors

Earlier this month, the Spanish club shook hands with the NFT marketplace Ownix to release a non-fungible token collection. The digital collectibles were meant to depict iconic events from the team’s history, such as displaying the record 75 trophies it has won in Spain and the 5 UEFA Champions League titles.

However, a few days later, FC Barcelona canceled the partnership after Moshe Hogeg – an Israeli crypto mogul related to the NFT marketplace – was accused of falsifying corporate documentation and sexual assault. A statement from the soccer club read:

“In light of information received today that goes against the Club’s values, FC Barcelona hereby communicates the cancellation of the contract to create and market NFT digital assets with Ownix with immediate effect.”

Featured Image Courtesy of Marca