Binance applies for Taiwan AML compliance: Report
The world’s leading crypto exchange by trading volume has reportedly applied to register in Taiwan under the new AML compliance.
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, the co-founder of Taiwan’s currency exchange BitShine, as the source of the information who revealed that the FSC named Binance as one of the exchange prospects that is planning to enter Taiwanese crypto market via AML compliance.
Binance has not yet responded to Cointelegraph’s request for comment.
While the cryptocurrency industry is largely unregulated in Taiwan, the FSC introduced AML guidelines in July 2021, requiring all crypto exchanges operating or offering their services in the country to comply with it.
Binance currently operates in Taiwan through a local entity called ‘Binance International Limited Taiwan Branch (Seychelles).’ The registration information shows that Binance’s local entity was registered on May 12, 2023.
Apart from its registration in the island country, the crypto exchange has also collaborated with the local government to fight cybercrime. Binance didn’t respond to Cointelegraph’s requests for comments at the time of writing.
FSC became the primary regulator of cryptocurrencies in the island country in March earlier this year. At the time of the announcement the regulatory body’s chief had noted that the focus would be on developing major rules and policies, including the separation of customer assets from company funds and investor protection practices.
Related: China announces plans for new national financial regulator
Taiwan 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 at a time when the crypto exchange has faced regulatory pushback in America and Europe. The exchange is facing multiple lawsuits in the United States while it has withdrawn from multiple judications in Europe after regulatory concerns.
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Author: Prashant Jha
