Cryptocurrency exchange Binance will be forced to explain its strategy for the production and promotion of crypto savings products in Uruguay.
The Central Bank of Uruguay has asked the world’s largest crypto exchange to suspend the issuance of savings-oriented products to customers that are sold without regulatory approval:
“You can call on the public to use their savings only through financial intermediation institutions authorized to collect deposits on the market, or as an issuer registered in the stock market register.”
The Central Bank urged Binance to stop advertising these investment products as a savings-oriented activity and explain how the company is going to release and promote its services in Uruguay from now on.
The crypto exchange responded to the claim and began negotiations with the regulator. Binance Uruguay said they see regulation as the only way the industry can expand and reach a larger audience:
“Binance confirms that it is a global leader in the development of the crypto and blockchain ecosystem, working with regulators, legislators, governments and law enforcement to ensure the safest possible environment.”
Previously, the Ministry of the Interior of Uruguay launched a campaign called “Fake Coins: Cryptocurrency Fraud” to inform citizens about the types of fraud in the cryptocurrency industry.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
