Binance Has Applied for AML Compliance Registration in Taiwan

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Last Updated on August 11, 2023 by Bitfinsider

Binance, the world’s largest cryptocurrency exchange, has applied to be registered under Taiwan’s Money Laundering Control Act, which is presently the only crypto-related legislation in the country.

Taiwan’s Financial Supervisory Commission (FSC) told dozens of domestic crypto service providers in attendance at a closed-door meeting on Tuesday that Binance is asking to be registered for anti-money laundering compliance, according to two sources familiar with the subject.

Since the FSC implemented anti-money laundering standards in July 2021, Taiwan has obliged virtual asset service providers (VASPs) to comply with its anti-money laundering laws. Otherwise, the industry in the country is mostly unregulated.

Despite the fact that Binance is not regulated in Taiwan, the exchange has established a local organisation called “Binance International Limited Taiwan Branch (Seychelles),” according to the Department of Commerce’s database. According to the registration information, the government accepted Binance’s firm registration in Taiwan on May 12, 2023, with a registered capital of NT$30 million ($944,000).

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