Crypto giant Binance gets targeted by central bank in Uruguay

According to Glassnode data provided by crypto analyst Will Clemente, Binance has overtaken Coinbase to become the largest exchange with the most BTC held.

The Central Bank of Uruguay (BCU) asked Binance, a dominant force in crypto trading worldwide, to make representations to the regulator after it found that the public was being offered "buy cryptocurrencies as part of a savings-type investment" through advertisements on social networks, along with "the promise of certain returns" on the investment.

The BCU requested so the company can "formulate its disclaimers and present its defense" when it goes before the Financial Services Superintendency, according to a release from the institution published in the Official Gazette last week.

The regulator mentioned a draft resolution on the matter, noting . . .

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