CDS Crypto News Binance Taiwan AML Compliance Application
Crypto News

Binance Taiwan AML Compliance Application

The world’s leading crypto exchange by trading volume has reportedly applied to register in Taiwan under the new AML compliance.

612
Taiwan Aml Compliance Application Binance Takes Step Forward, Report Reveals

Crypto News -Binance, a global crypto exchange renowned for its extensive trading volume, is reportedly in the process of seeking registration in Taiwan in accordance with the Money Laundering Control Act and the Financial Supervisory Commission (FSC).

Binance Taiwan AML Compliance Application

According to local reports, the FSC has reportedly communicated to numerous domestic crypto service providers that Binance is actively engaged in applying for Anti-Money Laundering (AML) compliance. The source of this information, Chen Peiyun, co-founder of Taiwan-based crypto exchange BitShine, disclosed that the FSC has identified Binance as a prospective participant intending to enter the dynamic Taiwanese crypto market.

As of now, Binance has not issued any response to inquiries made by Cointelegraph.

The cryptocurrency landscape in Taiwan remains largely unregulated; however, in July 2021, the FSC introduced AML guidelines mandating all crypto exchanges operating within or offering services in the country to adhere to these regulatory measures.

Binance’s presence in Taiwan is facilitated through a local entity named Binance International Limited Taiwan Branch (Seychelles). Registration records indicate that this local entity of Binance was formally registered on May 12, 2023.

Beyond its registration endeavor, the crypto exchange has also engaged in collaborations with local governmental bodies to combat cybercrime, further strengthening its commitment to maintaining a secure digital ecosystem.

The FSC officially assumed the role of primary regulator for cryptocurrencies within the nation earlier in March. Upon this announcement, the head of the regulatory body emphasized the focus on developing comprehensive regulations and policies, including measures to safeguard customer assets by segregating them from company funds, as well as robust investor protection practices.

Taiwan Aml Compliance Application: Binance Takes Step Forward, Report Reveals
Sources:cointelegraph

Leave a comment

Leave a Reply

Related Articles

Sui Blockchain Faces First Major Outage: What Happened and What’s Next

Sui blockchain faces its first major outage—learn what happened, the impact on...

MicroStrategy Stock Reaches New High as Bitcoin Surges Above $98,000

MicroStrategy’s stock surged to a new all-time high as Bitcoin reached $98,000,...

Mysten Labs Resolves Sui Blockchain Outage, dApps Resume Functioning

Mysten Labs Resolves Sui Blockchain Outage, dApps Resume Functioning

Top 3 Cryptos on November 21: Qubetics Soars as Ethereum and Solana Face Resistance

Top 3 Cryptos on November 21: Qubetics Soars as Ethereum and Solana...