Solomon Samuel 
Binance Pursues AML Compliance in Taiwan Amid Global Issues
According to reports, Binance the largest cryptocurrency exchange by trading volume, has applied for registration in Taiwan under the Money Laundering Control Act and the Financial Supervisory Commission (FSC).
According to a report published in local media, the FSC reportedly informed dozens of domestic crypto service providers that Binance is applying for Anti-Money Laundering (AML) compliance.
Chen Peiyun, co-founder of Taiwan-based cryptocurrency exchange BitShine, was cited in the report as the source of the information that the FSC has identified Binance as one of the prospective exchanges intending to enter the Taiwanese cryptocurrency market.
While Taiwan’s cryptocurrency industry is largely unregulated, the FSC introduced AML guidelines in July 2021, mandating compliance by all crypto exchanges operating or providing services in Taiwan.
In Taiwan, Binance is represented by Binance International Limited Taiwan Branch (Seychelles).
According to the registration information, Binance’s local entity was established on May 12, 2023.
In addition to registering in the country, the cryptocurrency exchange has partnered with local authorities to combat cybercrime.
In March, the FSC became the island’s primary regulator of cryptocurrencies.
At the time of the announcement, the head of the regulatory body stated that the focus would be on developing significant rules and policies, such as the separation of customer assets from company funds and investor protection procedures.
Taiwan has made it plain that its crypto policies will be independent of those of mainland China, as Beijing has imposed a blanket ban on crypto-related activities since 2021.
The allegations of Binance’s entry into the Taiwanese cryptocurrency market come at a time when the cryptocurrency exchange is facing regulatory scrutiny in the United States and Europe.
The corporation is facing multiple lawsuits in the United States and has withdrawn from multiple European judicial proceedings due to regulatory issues.
