A major Spanish financial regulator issued a warning about football star Andrés Iniesta’s promotion of Binance, a major cryptocurrency exchange.

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

Wednesday, Iniesta Post Some picture The laptop next to him displays the Binance website on the screen and holds a smartphone that reflects several major cryptocurrency markets, including Bitcoin (Bitcoin) And Binance Coin (Bitcoin).

Hello,@andresiniesta8As an unregulated product, encrypted assets have some related risks.It is recommended to read the statement@CNMV_MEDIOS From 2/9/2021 https://t.co/SWRF73xEJj And thoroughly educate yourself or recommend others to do so before investing

-CNMV (@CNMV_MEDIOS) November 24, 2021

At the time of writing, Iniesta has more than 38 million subscribers on Instagram and more than 25 million followers on Twitter. By the time it was published, the Instagram post had received more than 270,000 likes.

The National Securities Market Commission (CNMV), the Spanish securities market regulator, issued a warning about crypto investment risks to players on Twitter about 12 hours after Iniesta published the post.

Cite its supervision statement From February 2021, CNMV emphasized that before investing and providing financial advice, investors should properly understand encryption and its risks. “Hi, Andres Iniesta, because it is an unregulated product, there are some major risks in crypto assets,” CNMV wrote.

This is whether Iniesta has been offered to promote Binance’s retainer. Cointelegraph has contacted the football player through the contact on the official website of Iniesta, and will update this story, waiting for new information.

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When the news came out, Binance continued to work hard Improve relations with global regulators Because the company has been scrutinized by many governments this year, including the United States, Britain, Italy, Canada, Japan, Singapore, Germany, etc.

Spanish banks Cut support for Binance Earlier this year.In July of this year, the British branch of the Spanish bank Santander stated that it would no longer allow its customers to make payments to Binance on the grounds that Warning from the UK Financial Conduct Authority.