Binance Pursues AML Compliance in Taiwan

Summary:
– Binance is seeking anti-money laundering (AML) compliance in Taiwan, indicating its interest in entering the region’s crypto market.
– The Taiwan Financial Supervisory Commission announced that Binance is among the entities seeking AML measures.
– Binance has applied to be registered in Taiwan under the Financial Supervisory Commission (FSC) and Money Laundering Control Act.

Article:
Binance, one of the largest cryptocurrency exchanges, is seeking anti-money laundering (AML) compliance in Taiwan, indicating its intent to enter the region’s crypto market. The Taiwan Financial Supervisory Commission announced during a regulatory draft meeting that Binance is among the entities seeking a declaration of AML measures. This application to register in Taiwan under these new measures suggests that Binance is interested in expanding its operations into the Taiwanese crypto market.

According to a report from local media on August 11, Binance has applied to be registered in Taiwan under the Financial Supervisory Commission (FSC) and Money Laundering Control Act. Chen Peiyun, the co-founder of Taiwan’s crypto exchange BitShine, disclosed that the FSC mentioned Binance as one of the potential exchanges considering entry into the Taiwanese market.

To comply with the AML declaration requirement for Taiwan-registered entities, Binance is expected to utilize a Taiwan-registered company called Binance International Limited Taiwan Branch. The company was reportedly founded in May 2023 and officially registered in Taiwan in June. The representative of the company is Nirun Fuwattananukul, who is believed to be of Thai origin, although no official personal details are available online.

This move by Binance comes as Taiwan has recently increased its oversight and regulation of the cryptocurrency industry. In March 2023, Taiwan appointed an official regulator for the crypto industry to strengthen supervision of the market. This news of Binance’s potential entry into the Taiwanese market coincides with ongoing regulatory challenges and examinations for the exchange in the United States and Europe. Binance is facing multiple legal actions in the US and has chosen to withdraw from several European jurisdictions due to regulatory challenges, including the Netherlands.