The tweet depicts Andres Iniesta making crypto transactions via Binance, and features two images and a caption.
He posted the photos with the caption on both of his social media networks, Twitter(25 million followers) and Instagram (38 million followers).
Spain’s authority responded to Iniesta’s tweet just a couple of hours later. In their response, they warn the football player about the risk of endorsing an unregulated product.
Moreover, they go back to a previous regulatory statement, that they made in February 2021.
There are several speculations for this decision by the Spanish regulator. However, probably the biggest reason is the fame and popularity of the Spanish player. This is something that Carlos Grenoir, CEO of Olyseum, points out in his Forbes interview:
The Binance tweet by the Barcelona legend gathered immediate attention, considering the high follower count on Iniesta’s social media.
In fact, at the current moment of writing the Instagram post about Binance has 300.550 likes. A number that will certainly increase as time goes by.
The investigation of Andres Iniesta for endorsing Binance couldn’t have come at a better time. This is a sarcastic comment since the leading crypto exchange is currently battling a long list of official state regulators.
Some of which include the United States, the United Kingdom, Canada, Japan, Germany, Singapore, etc.
So, it is safe to assume that the National Securities Market Commission warning to Iniesta is because of the constant legal scrutiny against Binance.
Consequently, given the fame of the footballer, the NSCM wants to ‘nip this in the bud’. Meaning, not allowing things to get out of hand.
Considering that crypto in Spain is not officially regulated, technically, Iniesta is not breaking any laws. However, considering that it is a state regulator, the matter should not be taken lightly.
It remains to see whether Iniesta will continue with endorsing Binance, or whether Spain’s authority will further escalate the matter.
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