Regulator scolds Andres Iniesta for promoting cryptocurrency platform Binance

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Regulator scolds Andres Iniesta for promoting cryptocurrency platform Binance

MADRID Reuters - Spanish market regulator Andres Iniesta scolded soccer star Andres Iniesta on Wednesday evening after he promoted the exchange platform Binance on his Twitter and Instagram accounts.

The player said on his social media accounts that he was learning how to get started with BinanceForAll, with photos of himself in front of a laptop computer apparently making transactions on Binance's website.

The posts did not give any indication of whether or not the content was paid for by the company. Iniesta, who played for Barcelona most of his career, was part of the Spanish national team that won the World Cup in 2010 and now plays for Kobe in Japan. He has 25 million followers on Twitter and 38 million followers on Instagram. The post was liked 270,000 times on Instagram.

In a tweet released a few hours after Iniesta's, the Spanish market regulator told him that he should be fully informed about cryptocurrencies before investing in them or recommending others to do so.

The regulator told the soccer player on his Twitter account that despite the fact that the 8 criptoassets, being unregulated products, carry some significant risks.

Market regulators are uneasy about cryptocurrencies and criptocurrencies trading platforms that handle huge amounts of money and are mostly unregulated.

Several cases of assets disappearing or platforms going bust have been reported in the past few years.