Binance claims player Andrés Iniesta was paid on a Twitter post

Footballer Andrés Iniesta was paid by Binance for a promotional tweet that led to the repatriation of financial regulators in Spain but the deal was not disclosed due to “inconsistencies”, the crypto exchange said.

Titter from Iniesta was one of four posters of popular players that Binance said he supported as “part of an inspiring campaign”. National Securities Market Commission in Spain replied the World Cup star post earlier this week on Twitter to remind her that “cryptoassets, like unregulated drugs, have some risks”.

Spain’s financial system is one of the few countries that has said it is involved with celebrities and activists who promote digital assets that are at high risk on television.

“What we are saying to promoters, celebrities, and everyone else is’ Please be careful, in promoting, to exchange money, to invest in uncontrolled things that have other risks. [the] in public, “the Spanish governor said in response to a question from the Financial Times in a tweet to Iniesta.

Binance said he often wants all the sponsored documents to be disclosed. “The article was not posted #Ad due to a dispute between Binance and [Iniesta’s] team, ”he said.

Tweets from Raúl Jiménez, who plays for the Premier League club Wolverhampton Wanderers, Colombian midfielder James Rodríguez and Atlético Madrid striker Luis Suárez both did not reveal that Binance had paid for the deal, which the exchange also led to disagreements.

Suárez revealed the “paid agreement” in an Instagram post, where Rodríguez and Iniesta did not mention the sponsorship agreement in their online Meta photo sharing.

Iniesta declined to comment. Some football players did not respond to a request for comment.

Quotes from four sports professionals, with 64m integrated Twitter followers, come at a time when regulators and consumer groups are deeply concerned about the amount of visibility offered by those who promote their business relationships.

The European Advertising Standards Alliance, which advises independent advertising companies, states that it is in the “best practices for advertising campaigns” to ensure that advertisements are “the cornerstone of proper advertising”.

Thera Adam, head of the international legal entity at Eversheds Sutherland, said many EU governments had adopted clear disclosure rules but that advertising had been established around the world and changed elsewhere.

The Advertising Standards Authority (UK) has issued a warning to many people in March after finding it “illegal” and “failing to advertise” according to international law.

Supervisors also spoke of concerns quantity of internet content promoting dangerous economic and commercial ideas during the epidemic.

Nikhil Rathi, chief executive of the Financial Conduct Authority, in a statement in the summer said “countless social media” helped boost high-risk businesses such as crypto and speculative bets, especially among young investors.

Anthony Morrow, co-founder of OpenMoney’s financial advisory team, said for clients who do not have any other financial advice, turning to deep media was “like a Wild West of investes”.

A study conducted by the financial platform Hargreaves Lansdown found that many 18- to 34-year-old entrepreneurs used social networking sites to put ideas into perspective.