Andres Iniesta's Support For Binance Angers Spanish Market Regulators

Andres Iniesta is accused of "promoting" Binace on his social media accounts. (photo; twitter @andresiniesta8)

JAKARTA - The Spanish money market regulator seems unhappy with the efforts of several stars to support cryptocurrency trading. They expressed displeasure with soccer star Andres Iniesta's tweet on Wednesday, November 24 night after he promoted cryptocurrency exchange platform Binance on his Twitter and Instagram accounts.

“I learned how to start crypto with @binance #BinanceForAll,” the player said on his social media account, with a photo of himself in front of a laptop computer apparently making transactions on the Binance website.

Estoy aprendiendo cómo empezar con las criptomonedas con @BinanceES #BinanceForAll

I’m learning how to get started with crypto with @binance #BinanceForAll pic.twitter.com/3Km58KrnPG

— Andrés Iniesta (@andresiniesta8) November 24, 2021

The post gives no indication of whether the content is a promotion paid for by the company or not. Iniesta did not immediately respond to a Reuters request for comment sent via Twitter.

Iniesta, who played for Barcelona for a long time, was the star of the Spanish national team that won the 2010 World Cup. He now plays for Kobe FC in Japan. He has 25 million followers on Twitter and 38 million on Instagram. The post about bitcoin itself was even liked 270.000 times on Instagram.

In a tweet released hours after Iniesta, Spain's market regulator told him he should be thoroughly informed about cryptocurrencies before making any investments in them or recommending others to do so.

"Hi @andresiniesta8, Cryptoassets, being an unregulated product, carries some significant risks," the regulator told the footballer on its Twitter account.

Market regulators around the world are uncomfortable with cryptocurrencies and cryptocurrency trading platforms that handle large amounts of money and whose operations are largely unregulated.

Several cases of lost assets or platforms being hacked or going bankrupt have been reported in recent years.