Sunday, December 5

They criticize the CNMV for censoring that Iniesta buys cryptocurrencies


The Spanish National Securities Market Commission (CNMV) has responded to a tweet by footballer Andrés Iniesta in which he promoted the Binance cryptocurrency exchange. In the Tweet, the CNMV warns the footballer that crypto assets, as they are not regulated, have some relevant risks and it is not advisable to recommend other users to invest in them.

The regulatory body issues this warning despite the fact that the Circular on crypto asset advertising has not yet been approved and, therefore, is not in force. This circumstance has caused many users to pour criticism on Twitter about the attitude of the CNMV. They consider that the CNMV is publicly exposing the footballer about something that is not yet regulated and that should be regulated for a long time by the body itself.

Andrés Iniesta and the CNMV

The Tweet published by Iniesta, in which he claims to be learning with cryptocurrencies from the exchange Binance, has caused numerous reactions. For and against. Many followers of the legend of Barcelona and the Spanish National Team reproach him for promoting something that is not regulated, which carries some risks. However, few people expected the response from the CNMV itself, the body in charge of regulating cryptocurrencies in Spain.

The hypocrisy of the CNMV

Many users believe that cryptocurrencies continue to cause risks due to the inaction of the CNMV. Users reproach the CNMV for its fondness for launching statements against cryptocurrencies and remind the body that since 2018, the year in which they released the first of these statements, they have not yet created a clear regulatory framework to help protect investors. For this reason, it is striking that it is the CNMV itself that reproaches Iniesta for talking about non-regulated products.

Discover the regulation of cryptocurrencies in the world, according to the region

Likewise, there are many people who criticize the CNMV for criticizing this type of investment, but supporting other similar or more dangerous ones. As in the case of the Bankia IPO. @MonicaUnchained writes that it is a pity that the CNMV did not notify the former player of the Spanish National Team, Iker Casillas, when he invested half a million euros in the Bankia IPO. The footballer, like many others affected, filed a lawsuit to try to recover his investment for “false information about the solvency of the bank in its IPO and breach of the duties of information, transparency and loyalty.”

Cryptocurrency Advertising

The CNMV has not yet approved the Circular on cryptocurrency advertising, which establishes that all commercial communications must include the risks of the product. Therefore, Iniesta has not committed any infraction as the Circular is not in force. In fact, the CNMV itself is responsible for approving and controlling this type of promotion. In this sense, many people consider that it does not make much sense to recriminate the footballer for a promotional action that the CNMV itself knows is not illegal.

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