Binance applies for Taiwan AML compliance: Report

    2023.08.11 | exchangesranking | 1625onlookers

    Binance applies for Taiwan AML compliance: Report

    Binance, the world’s leading crypto exchange by trading volume, has reportedly applied to be registered in Taiwan under the Money Laundering Control Act and the Financial Supervisory Commission (FSC).

    The FSC reportedly informed dozens of domestic crypto service providers that Binance is applying for Anti-Money Laundering (AML) compliance, according to a report published in local media. The report cited Chen Peiyun, co-founder of Taiwan-based crypto exchange BitShine, as the source of information, who revealed that the FSC named Binance as one of the exchange prospects planning to enter the Taiwanese crypto market.

    Binance has not yet responded to Cointelegraph’s request for comment.

    While Taiwan’s cryptocurrency industry is largely unregulated, the FSC introduced AML guidelines in July 2021, requiring all crypto exchanges operating or offering services in the country to comply with the rules.

    Binance operates in Taiwan through a local entity called Binance International Limited Taiwan Branch (Seychelles). The registration information shows Binance’s local entity was registered on May 12, 2023.

    Apart from its registration in the country, the crypto exchange has also collaborated with local government to fight cybercrime.

    The FSC became the primary regulator of cryptocurrencies in the island country in March. At the time of the announcement, the regulatory body’s chief noted that the focus would be on developing major rules and policies, including separating customer assets from company funds and investor protection practices.

    Taiwan has made it clear that its crypto policies will be independent of mainland China, given the Beijing government has imposed a blanket ban on crypto-related activities since 2021.

    The reports about Binance entering the Taiwanese crypto market come as the crypto exchange faces regulatory scrutiny in the United States and Europe. The company faces multiple lawsuits in the U.S., and it has withdrawn from multiple European judications after regulatory problems.

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