Spanish regulator via Twitter warned football player Andres Iniesta about cryptocurrency risks

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Spain’s National Securities Market Commission (CNMV) has warned famous football player Andrés Iniesta via Twitter about the risks of investing in cryptocurrencies.

Notable midfielder for Barcelona and Spain, Andrés Iniesta, 24 November
posted on Instagram and Twitter, photos of themselves next to a laptop, on the screen of which the Binance exchange website was opened. The athlete held a smartphone in his hands, which showed several major cryptocurrency markets, including Bitcoin and Binance Coin.

It’s worth noting that the soccer star has over 38 million followers on Instagram and over 25 million on Twitter. The Instagram post where Andres Iniesta is promoting the Binance trading platform has received over 270,000 likes.

Advertising of the trading platform, broadcast to such a huge audience, could not fail to attract the attention of the authorities. 12 hours after he posted the message, the National Securities Market Commission approached Iniesta via Twitter and warned the player about the risks of cryptocurrency investments.

“Hello Andres Iniesta. Crypto assets carry some significant risks as they are unregulated products. ”

Referring to its regulations from February 2021, CNMV stressed that investors should be properly informed about cryptocurrency and the associated risks before investing and giving financial advice. Andres Iniesta and Binance have not yet disclosed whether they entered into a commercial contract to promote the services of the marketplace.

Recall that the Spanish National Commission on the Securities Market (CNMV) proposed to ban street advertising of bitcoin in the country and tighten control over the cryptocurrency industry in general. In addition, CNMV and Bank of Spain have issued a joint warning about investment risks inherent in cryptocurrencies. Regulators in some countries are very negative about cryptocurrency advertising. In September, Canada’s stock market regulators issued a warning to local cryptocurrency exchanges against advertisements that violate securities law.
The Indian authorities recently introduced a ban on “active incitement” to investment by cryptocurrency companies, including exchanges, in a cryptocurrency regulation bill.

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