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Binance, the industry’s largest crypto exchange, is reportedly inching closer to obtaining Taiwan’s Anti-Money Laundering compliance registration, underscoring its intent to strengthen its global presence while aligning with the regulations of per market, according to a report from a Taiwanese news site. AbMedia.
“The Taiwan Financial Supervisory Commission stated at the regulatory draft meeting that Binance, an overseas exchange operator, is also in the process of applying for a laundering declaration.”
The Financial Supervisory Commission (FSC), Taiwan’s financial watchdog, has carefully informed its domestic crypto stakeholders about Binance’s AML aspirations. The intel can be traced back to Chen Peiyun, co-founder of the local BitShine crypto exchange:
“Revealed the content of the regulatory draft meeting of the Financial Supervisory Commission with various players in the industry in Taiwan, including ‘some foreign exchanges want to land in Taiwan through an anti-washing statement,’ according to Lianxin and many sources.”
While an official statement from Binance remains pending, the underlying message is clear: The exchange is setting its course for strategic alignment with the island nation’s regulations. Binance serves customers in Taiwan through its subsidiary, Binance International Limited Taiwan Branch (Seychelles).
Historically, Taiwan’s crypto scene has remained flexible, even expanded by the important move by the FSC in July 2021 to launch AML guidelines. These protocols are now the defining guardrails for all cryptocurrency exchanges operating within Taiwan’s borders.
Furthermore, this is not a passive relationship. Binance has taken proactive initiatives, cooperating with local forces in Taiwan to combat cybercrimes:
“As more and more people in Taiwan become interested in cryptocurrency, it is important that the crypto ecosystem feels safe and comfortable for users. That’s why Binance has put a lot of resources and effort into protecting our platform and strengthening -on its security, as well as the broader crypto ecosystem.
#Binance visited Kaohsiung, Taiwan this weekend to discuss the importance of cybersecurity in Web3.
As part of our commitment to keeping our community safe, we’ve covered some of the most common scams that users may encounter and various methods that can be used for prevention. pic.twitter.com/rNLIDJUOUb
– Binance (@binance) March 13, 2023