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Crypto exchange Binance responds to the Central Bank of Uruguay’s scrutiny of its products

Binance was asked to remove the social media advertisements of its crypto products with savings features.

Banco Central del Uruguay / Image by: Wikimedia Commons

Tue, 02 Aug 2022, 15:56 pm UTC

Binance, the largest crypto exchange in the world in terms of trading volume, received a summons from the Central Bank of Uruguay to ask the platform about its crypto-based savings products. The regulator became aware of the exchange's product offerings after the company advertised them on social networks.

The Central Bank of Uruguay said that savings products can only be offered by companies that issue equity in the national stock market or by verified banking institutions, Bitcoin.com reported. While the country is yet to come up with crypto-specific regulation, the central bank pointed out that Binance offered these crypto-based saving products without regulators' authorization.

“The call to the general public for the application of their savings can only be done through financial intermediation institutions authorized to collect deposits in the market or as an issuer registered in the stock market registry,” the central bank wrote.

The Central Bank of Uruguay (CBU) also questioned Binance’s social media advertisements for its crypto-based savings products. The regulator said that “it is appropriate to warn those responsible for the activity under the name of Binance that they should not carry out the aforementioned advertising,” according to a report by Bloomberg Linea as translated to English by Google.

Binance immediately responded to the summons and is already in talks with the CBU regarding the issues it raised. The crypto exchange told Bloomberg Linea that it is “totally committed to compliance” and that expressed its belief that “regulation is the only way in which the industry can expand and reach the general public.”

The crypto exchange also indicated its willingness to work with regulators. “Binance reinforces that it is leading the way globally in the development of the crypto and blockchain ecosystem, working collaboratively with regulators, legislators, governments, and law enforcement authorities to ensure the most secure environment,” Binance explained.

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