Binance Reveals It Paid Iniesta For The Cryptocurrency Promotional Tweet | Markets

The cryptocurrency trading portal Binance paid footballer Andrés Iniesta for his tweet last Wednesday, in which he promoted the use of the platform without clarifying that it was an advertisement, an omission that earned him a slap on the wrist from the National Securities Market Commission (CNMV).

The lack is explained by “a misunderstanding” between the communication team of the company and that of Iniesta, which resulted in the commercial agreement not being disclosed on the social network, according to Binance, in a statement collected by the Financial Times.

In fact, according to Binance, Iniesta’s post is part of a campaign of influencers who has launched the cryptoactive platform together with three other soccer players, such as Luis Suárez, James Rodríguez and Raúl Jiménez, whose Twitter profiles – together – have a reach of 64 million followers.

Last Wednesday, the CNMV reminded the former FC Barcelona that crypto assets, being an unregulated product, “have some relevant risks”, in a comment in response to the footballer’s tweet, recommending that he read a statement in this regard.

Rodrigo Buenaventura, president of the supervisor, has been warning the influencers that they cannot make investment recommendations through social networks, drawing attention to the dangers involved in investing in electronic currencies such as Bitcoin and similar assets.

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