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Binance Pursues AML Compliance in Taiwan to Expand its Reach
Binance, the world’s largest crypto exchange by trading volume, is reportedly seeking to enter the Taiwanese market by complying with local anti-money laundering (AML) regulations.
As the US and Europe Attempt to Force Crypto Regulations, Binance shifts its Focus to Asia
According to a local media report, the Financial Supervisory Commission (FSC) of Taiwan has informed several domestic crypto service providers that Binance is applying to get registered under the money laundering control act introduced by the FSC in July 2021.
According to a report, the co-founder of BitShine, a currency exchange in Taiwan, Chen Peiyun, said that Binance is among the exchanges that are interested in entering the Taiwanese crypto market by complying with anti-money laundering (AML) regulations. The report did not receive any confirmation or denial from Binance.
Binance has a presence in Taiwan through a local branch called ‘Binance International Limited Taiwan Branch (Seychelles).’ The branch was registered on May 12, 2023, according to the registration information. In the past, Binance has worked with the local government to combat cybercrime.
Taiwan is among the few Asian countries that have a favorable attitude toward cryptocurrencies. In March 2023, the FSC became the main regulator of cryptocurrencies and declared its intention to focus on creating key rules and policies. These include separating customer assets from company funds and implementing practices to protect investors.
Taiwan also made it clear that its crypto policies will be independent of mainland China, which has imposed a blanket ban on crypto-related activities since 2021.
The news about Binance’s potential entry into the Taiwanese market comes at a time when the crypto exchange has faced regulatory challenges in several other jurisdictions, such as the United States, Europe, and Japan. Binance has been accused of operating without proper licenses and violating AML rules by some regulators and has withdrawn from some markets due to legal uncertainties.
