September 30, 2022

Spanish Regulator Tells off Soccer Star Andres Iniesta for Promoting Binance

2 min read

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

Nevertheless, the National Securities Market Commission (CNMV) warned him that promoting such investments is not smart because digital possessions are “unregulated products” that bring some “significant dangers.”

Iniesta’s Binance Affair

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

The post got huge popularity, and almost 300,000 people liked it on Instagram in a single day.

A couple of hours later, the Spanish market regulator– CNMV– reacted under Iniesta’s publication prompting the soccer gamer to get informed about bitcoin and the altcoins prior to buying them or recommending others to do so. The watchdog asserted that those properties are not managed, and as such, they could present enhanced threats to financiers.

According to Reuters, there was no sign whether the soccer star had gotten any financial stimulus to promote Binance to his almost 38 million fans.

The 37-year-old Andrés Iniesta is considered one of the best midfielders of perpetuity. In the 2010 FIFA World Cup Final, he scored the winning objective against the Netherlands, and hence Spain stepped on the soccer throne for the very first time in its history. However, he developed his tradition mainly while betting FC Barcelona between 2002 and 2018, where he became an idol for the regional advocates.

Andres Iniesta
Andrés Iniesta, Source: The Independent Barça’s Crypto Endeavors Earlier

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

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

“In light of information got today that breaks the Club’s values, FC Barcelona thus interacts the cancellation of the agreement to develop and market NFT digital properties with Ownix with immediate result.”

Included Image Courtesy of Marca