Binance Says Soccer Player Andrés Iniesta Was Paid For Twitter Post

Soccer player Andrés Iniesta was paid by Binance for a promotional tweet that sparked a backlash from Spain’s financial regulator but the deal was not disclosed because of a “misunderstanding”, the exchange said. electronic money said.

The tweet from Iniesta was one of four posts by famous soccer players that Binance said it sponsored as “part of an influencer campaign”. Spain’s National Securities Market Commission replied to the post of the World Cup star earlier this week on Twitter to remind him that “cryptocurrencies, being unregulated products, have some associated risks.”

Spain’s financial watchdog is among a number of national regulators that have voiced concerns about celebrities and influencers promoting high-risk digital assets on the internet. social media.

“What we are saying to influencers, to celebrities and all the others is ‘Be careful, you are referring, in exchange for money, investing in unregulated products. control has additional risks [the] public,’ the Spanish regulator said in response to a question from the Financial Times about its tweet to Iniesta.

Binance says it generally intends to disclose all sponsored posts. The post was not marked #Ad due to a misunderstanding between Binance and [Iniesta’s] group,” it said.

Tweets by Raúl Jiménez, who plays for Premier League club Wolverhampton Wanderers, Colombian player James Rodríguez, and Atlético Madrid forward Luis Suárez all appeared without disclosing that Binance paid for the endorsement, which the exchange did. translation is also considered false information.

Suárez revealed the “paid partnership” in an Instagram post, while Rodríguez and Iniesta made no mention of the sponsorship deal in their posts on the Meta-owned image-sharing network.

Luis Suarez tweeted an image of himself promoting crypto exchange Binance

A Twitter post by Luis Suárez promoting Binance © Twitter

Iniesta declined to comment. Other footballers did not respond to requests for comment.

The posts by the four sports stars, who have a combined 64 million Twitter followers, come at a time of growing concern from regulators and consumer groups about the transparency of those posts. influencers over their commercial relationships.

The European Advertising Standards Union, which advises the advertising industry on self-regulation, says in its “influencer marketing best practice recommendations” that ensuring commercial posts are easy to follow. recognize “is the foundation of responsible advertising”.

Thera Adam, co-head of global intellectual property at law firm Eversheds Sutherland said “most” EU jurisdictions have adopted disclosure rules but advertising standards are implemented at the EU level. countries with some changes within the bloc.

The UK’s advertising standards regulator issued a warning to influencers in general in March after finding “unacceptable” and “widespread advertising non-disclosure”. according to national rules.

Watchdogs have also raised concerns about the rise of online content promote venture capital and business ideas during the pandemic.

Nikhil Rathi, chief executive officer of the Financial Conduct Authority, in a speech this summer said “uncountable social media influencers” have played a role in encouraging high-risk investments such as cryptocurrencies and speculative stock bets, especially among younger investors.

Anthony Morrow, co-founder of financial advisory group OpenMoney, says that for clients with no other source of financial advice, turning to social media is like the “Wild West of Investments” “.

Research by investment platform Hargreaves Lansdown shows that the majority of traders between the ages of 18 and 34 look for investment ideas on social media.

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