A major financial regulator in Espana has put out a warning regarding soccer star Andrés Iniesta for promoting major cryptocurrency exchange Binance.

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

On Wednesday, Iniesta posted several pictures of him next to a laptop showing the Binance website on the screen every bit well as holding a smartphone reflecting several major crypto markets, including Bitcoin (BTC) and Binance Coin (BNB).

At the time of writing, Iniesta has over 38 million subscribers on Instagram and more than than 25 million followers on Twitter. The Instagram post had amassed over 270,000 likes past the fourth dimension of publishing.

Spain's securities market regulator, the National Securities Market Commission (CNMV), took to Twitter nearly 12 hours after Iniesta published the post to warn the histrion about crypto investment risks.

Citing its regulatory statement from February 2022, the CNMV stressed that investors should be properly informed near crypto and its risks before investing and making fiscal advice. "Hi Andres Iniesta, cryptoassets conduct some meaning risks due to being unregulated products," CNMV wrote.

It is whether Iniesta was offered a servant for promoting Binance. Cointelegraph has reached out to the soccer player via contacts on Iniesta'south official website and volition update this story pending new information.

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The news comes amongst Binance continuing its efforts to improve relationships with global regulators as the house has been scrutinized by multiple governments this yr, including the United States, the Britain, Italia, Canada, Japan, Singapore, Federal republic of germany and others.

Some Spanish banks cut support to Binance earlier this twelvemonth. In July, the United Kingdom branch of Spanish bank Santander said that it will no longer exist allowing its customers to send payments to Binance, citing warnings from the U.One thousand. Financial Conduct Authority.