The Central Bank of Uruguay Urged Binance To Stop Promoting Crypto-Based Savings Products

The Central Bank of Uruguay has asked the largest crypto exchange in the world to suspend offering crypto-based savings products to customers without the permission of regulatory authorities. Such products can only be offered through trusted banking institutions or companies that issue equity in the national stock market. Uruguay still has no regulation regarding cryptocurrencies.

The Central Bank of Uruguay urged Binance to stop advertising these investment products as a savings-oriented activity and explain how the company intends to launch and promote its services in Uruguay from now on.

The crypto exchange responded to the claim and has already started negotiations with the regulator. Binance Uruguay said it sees regulation as the only way the industry can expand and reach a larger audience.

Image: Binance