Binance Applies for AML Compliance Registration with Taiwan’s FSC

• The FSC established AML guidelines in July 2021.
• Binance’s domestic legal company was incorporated on May 12, 2023.

The Financial Supervisory Commission (FSC) of Taiwan has reportedly received an application for registration from Binance, under the Money Laundering Control Act. According to a local media source, the exchange has applied for Anti-Money Laundering (AML) compliance.

BitShine’s co-founder Chen Peiyun was quoted in the report as saying that the FSC had identified Binance as a potential exchange to join the Taiwanese crypto sector.

The FSC established AML guidelines in July 2021, making it mandatory for all crypto exchanges operating or supplying services in Taiwan to comply with the laws, despite the fact that the cryptocurrency market in Taiwan is mainly unregulated.

Eyeing Taiwanese Market

Binance has a local branch in Taiwan named Binance International Limited Taiwan Branch (Seychelles), which handles business there. According to the documentation, Binance’s domestic legal company was incorporated on May 12, 2023. The cryptocurrency exchange has not only registered in the nation but has also worked with authorities there to combat cybercrime.

Moreover, in March, the FSC took over as the major cryptocurrency regulator in the island nation. The head of the regulatory organization said at the time that they would be concentrating on drafting significant laws and policies, such as the segregation of consumer assets from corporate money and investor protection procedures.

Since the Beijing government has banned any crypto-related activity as of 2021. Taiwan has made it plain that its crypto regulations would be separate from mainland China. Moreover, Binance, the world’s largest cryptocurrency exchange, is reportedly planning to join the Taiwanese market. This is amidst facing increased regulatory scrutiny in the U.S and Europe.

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• Source: https://thenewscrypto.com/binance-news-binance-applies-for-aml-compliance-registration-with-taiwans-fsc/