Andres Iniesta Warned For Advertising Binance

2021-11-25 17:13:37
Strike One For Andres

FC Barcelona‘s legend and one of the best football players of all time, Andres Iniesta is currently under investigation for advertising Binance.

More specifically, the football player is under scrutiny by the National Securities Market Commission in Spain for posting a tweet about using Binance.

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.

@ andresiniesta8, crypto assets, being unregulated products, have some relevant risks. It is advisable to read the statement from @CNMV_MEDIOS of 9/2/2021 https://bit.ly/3d1rDWN and inform yourself thoroughly before investing in them or recommending others to do so.The Response From The National Securities Market Commission

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:

Global icons and superstars have a unique ability to expedite evolving consumer trends and tap into the passion and enthusiasm of fans to create a genuine movement.Carlos Grenoir | CEO of Olyseum

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.

Deeper Motives?

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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