Binance applies for Taiwan AML compliance: Report

Aug 11. 2023

By Prashant Jha

The world’s leading crypto exchange by trading volume has reportedly applied to register in Taiwan under the new AML compliance.

Binance, the world’s leading crypto exchange by trading volume, has reportedly applied to be registered in Taiwan under the Money Laundering Control Act and the Financial Supervisory Commission (FSC).

The FSC reportedly informed dozens of domestic crypto service providers that Binance is applying for Anti-Money Laundering (AML) compliance, according to a report published in local media. The report cited Chen Peiyun, co-founder of Taiwan-based crypto exchange BitShine, as the source of information, who revealed that the FSC named Binance as one of the exchange prospects planning to enter the Taiwanese crypto market.

Binance has not yet responded to Cointelegraph’s request for comment.

While Taiwan’s cryptocurrency industry is largely unregulated, the FSC introduced AML guidelines in July 2021, requiring all crypto exchanges operating or offering services in the country to comply with the rules.

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