The Central Bank of Uruguay has issued a summon to Binance, one of the biggest exchanges in the world, due to the series of crypto-based savings products they are offering in the country. These savings products, according to the bank, can only be made through verified banking institutions or by companies that issue equity in the national stock market. Uruguay still has no cryptocurrency-specific regulation.
Central Bank of Uruguay to Scrutinize Binance Savings Products
Cryptocurrency savings products are in the spotlight of several regulators of countries all over the world. The Central Bank of Uruguay has these in its sights, and it has recently issued a summon to Binance due to its product portfolio in the country. According to the institution, Binance is offering these as savings-focused alternatives, without any kind of registration or authorization from regulators.
The institution clarified that:
The call to the general public for the application of their savings can only be...
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