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.
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