Spanish watchdog clashes with soccer player Andres Iniesta in Binance tweet

Spanish market regulators blame one of the country’s football heroes for promoting the digital asset platform Binance in a social media exchange that takes place when cryptocurrencies are competing to reach sports fans around the world Did.

The National Stock Market Commission responded after Andres Iniesta, who scored the winning goal in Spain’s 2010 World Cup championship, posted a photo of himself on Twitter that appears to be using the Binance platform.

A Watchdog tweet sent late Wednesday reminded Iniesta that “cryptographic assets as unregulated products carry some associated risks.”

Regulators tell the Financial Times sportsmen and others to promote cryptocurrencies to viewers who do not necessarily understand how the market works or how regulations apply or do not apply. He said he was worried about “influencers.”

Spanish guard dog intervention occurs during the rapid growth of crypto exchange and token promotion in sports.Singapore-based cryptocurrency exchange last week Agreed to pay $ 700 million 20 years of naming rights at the Los Angeles Arena, home of the Championship Lakers basketball team.

The Commission urged celebrities and influencers to “pay attention” to recommend “investing in unregulated products with additional risk”. [the] public”.

“All this led us to say to Iniesta, who respected us last night and brought us great joy. Before recommending this, tell your followers the risks. This is also your responsibility. “That’s what Watchdog said.

Rakuten, which owns Vissel Kobe, a Japanese club played by Iniesta, owns the crypto exchange itself. The Iniesta representative did not immediately respond to the request for comment.

In a report released Thursday, the Consumer Protection Association of Spain’s Financial Users Association believes that more than 4.4 million Spaniards have invested in cryptocurrencies, 41% of whom are safe. Estimated based on the investigation that it is.

Iniesta is not the only famous soccer player to post support for Binance. Raul Jimenez, Colombia’s Hames Rodriguez, Atletico Madrid striker Luis Suarez, who play in the Premier League’s Wolverhampton Wanderers, all posted their images earlier this month featuring Binance on the #BinanceForAll hashtag.

Cryptographic exchange mentioned three sports stars in a post last week promoting a social media contest: “#Binance can be creative and win with @ jamesdrodriguez, @ LuisSuarez9, @ Raul_Jimenez9”, the group’s main The account is stated on Twitter.

The three soccer players have a total of 39 million followers on Twitter.

Representatives of Jimenez, Rodriguez and Suarez did not immediately respond to requests for comment.

Binance said: “I am very much in agreement with the sentiment of the Spanish regulator.”

Spanish regulators’ social media intervention reflects efforts by the UK Financial Behavior Oversight Agency and other observers to curb influencers promoting cryptocurrencies, especially to warn young investors about the risks of digital assets. I am.

UK regulators have launched a £ 11 million online marketing campaign to warn young investors about risky investments using TikTok’s advertising and a partnership with Olympic BMX Gold Champion Charlotte Worthington. ..

“This is a target audience that is concerned that we haven’t reached,” said Sarah Pritchard, FCA’s executive director of markets last month. “We are not communicating through the mechanisms they use and affect them.”

The Securities and Exchange Surveillance Commission of Spain said it requested that the government of the country regulate crypto advertising while the EU as a whole was waiting for regulation of the entire block of crypto. However, the Commission has not yet officially assumed these authorities, as Spanish advertising regulations have not yet come into effect.

“We use other channels, formats, and even different types of languages ​​because we recognize that we do not intend to reach new audiences (young people and ages 30-45) in press releases and communiqués. We strive to do so, “said the Commission. Said.

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Spanish watchdog clashes with soccer player Andres Iniesta in Binance tweet

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