Saturday, March 2, 2024

CNVM Warned Andres Iniesta about crypto investment risks

Andres Iniesta posted a promotional post about Binance on various social media channels. The post already has over 270,000 likes on Instagram, but a financial regulator gives Iniesta a warning about the risks.

Iniesta is a legend for Barcelona, and he also played for the Spanish national team, where he won the 2010 World Cup. He promoted Binance on Twitter and Instagram. A major financial regulator in Spain warned Iniesta for promoting major cryptocurrency exchange Binance.

On the 24th of November, Iniesta posted a picture of him with a laptop with the website of Binance on the screen. He also had a phone with several major crypto markets, including Bitcoin and Binance Coin.

Iniesta now has about 38 million followers on Instagram and more than 25 million followers on Twitter. The post on Twitter has 6,9k likes and the post on Instagram has about 290k likes at the time of writing.

The National Securities Market Commission (CNMV), the Spanish securities market regulator, issued a warning about crypto investment risks to the player on Twitter about 12 hours after Iniesta published the post.

CNMV cited its February 2021 regulatory statement to emphasize that investors should properly understand crypto and its risks before investing and making financial recommendations. “Hi Andres Iniesta, cryptoassets carry some significant risks due to being unregulated products,” CNMV wrote. It is not clear whether any referrals have been provided to Iniesta to promote Binance.

Donat - CryptoCoinia
Donat - CryptoCoinia
Copywriter at CryptoCoinia.

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