Binance is allegedly looking into Taiwan as another destination for its expansion.
The global cryptocurrency titan, Binance, is allegedly making strides to align itself with Taiwan’s Anti-Money Laundering (AML) norms, aiming for formal registration under the country's regulatory authorities.
Recent local reports suggest that Taiwan's Financial Supervisory Commission (FSC) has communicated to numerous local crypto service providers about Binance’s intent to secure AML compliance in the nation.
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Chen Peiyun, co-founder of the Taiwanese crypto trading platform BitShine, shared insights stating that the FSC has identified Binance as a potential key player looking to make its mark in Taiwan’s burgeoning crypto sphere. However, official remarks from Binance regarding these speculations are still awaited.
Interestingly, despite a predominantly unmonitored crypto realm, Taiwan took progressive steps in July 2021 by ushering in AML guidelines. These directives mandate that any crypto trading platform functioning within its borders adhere strictly to these regulations.
It is worth noting that Binance’s local entity, Binance International Limited Taiwan Branch (Seychelles), was established on May 12th, 2023. Binance’s commitment to the nation is evident, as the crypto exchange has partnered with the Taiwanese authorities to combat digital crime.
Following the FSC's positioning as the leading cryptocurrency overseer, it was announced that a primary objective would be the creation and enforcement of pivotal regulations. Among these are measures ensuring the segregation of customer holdings from organizational assets and implementing safeguards for investors.
While the crypto exchange grapples with a challenging regulatory environment in regions like the US and Europe. Binance's potential integration into Taiwan's regulated crypto environment showcases its goal to expand and offer its services in a number of crypto markets.
