A major financial regulator in Spain has issued a warning to football star Andres Iniesta to promote the large cryptocurrency exchange Binance.

Iniesta, a successful midfielder who has played for Barcelona and the Spanish national team, promoted Binance on his social media profiles on Instagram and Twitter.

On Wednesday, Iniesta posted several photos of him standing next to a laptop displaying the Binance website on a screen, holding a smartphone that reflects several major cryptocurrency markets, including Bitcoin (BTC) and Binance Coin (BNB) …

At the time of writing, Iniesta has over 38 million Instagram followers and over 25 million Twitter followers. At the time of publication, the post on Instagram has received over 270,000 likes.

The National Securities Market Authority (CNMV), Spain’s stock market regulator, took to Twitter about 12 hours after Iniesta posted a message warning players about the risks of investing in cryptocurrency.

Referring to its Declaration of Regulations issued in February 2021, CNMV emphasized that investors must be properly informed about cryptocurrencies and their risk before investing and providing financial advice. “Hi Andres Iniesta, cryptocurrencies have some significant risks due to the fact that they are unregulated products,” writes CNMV.

About Inieste was offered an agent to promote Binance. Cointelegraph has contacted the football player via contacts on the official Iniesta website and will update this pending story with new information.

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The news comes as Binance continues its efforts to improve relations with global regulators, as the company has been audited by several governments this year, including the United States, Britain, Italy, Canada, Japan, Singapore and Germany.

Several Spanish banks ended their support for Binance earlier this year. In July, the Spanish branch of Santander Bank in the UK said it would no longer allow its customers to send payments to Binance, citing warnings from the UK Financial Services Authority.

Source: CoinTelegraph