Uruguay’s central bank warns Binance for issuing unregistered savings products

According to Bloomberg, the Central Bank of Uruguay has warned Binance for promoting “cryptocurrency investment products with savings characteristics” on the country’s social networks and asked Binance to explain its products. Only authorized financial institutions can issue savings products, Uruguay's central bank said. In response, Binance stated that it has started a dialogue with the authorities and has ensured that the product operates in compliance.