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News

Binance Seeks Regulatory Ground In Taiwan Amidst Industry Challenge

August 11, 2023 - Around 2 mins mins to read

Key Points:

  • Binance applies for registration under Taiwan’s anti-money laundering regulation.
  • Taiwan’s FSC shares Binance’s registration bid during a meeting with local crypto providers.
  • Exchange trading holds steady globally, despite regulatory hurdles and potential U.S. charges.
According to The Block, Binance, the world’s largest cryptocurrency exchange, has initiated the process of registering under Taiwan’s Money Laundering Control Act, the sole cryptocurrency-related regulation enforced by the local government.
Binance Seeks Regulatory Ground In Taiwan Amidst Industry Challenge
Binance Seeks Regulatory Ground In Taiwan Amidst Industry Challenge 2

This development was disclosed during a closed-door meeting held by Taiwan’s Financial Supervisory Commission (FSC) on Tuesday. The FSC informed numerous domestic cryptocurrency service providers in attendance about Binance’s efforts to secure anti-money laundering compliance registration, as stated by sources familiar with the matter.

Taiwan’s anti-money laundering laws for virtual asset service providers (VASPs) were introduced in July 2021, requiring adherence to regulations. Although this sector largely lacks comprehensive regulation within the country, the move underscores Taiwan’s commitment to establishing a structured framework.

Despite its registration pursuit in Taiwan, Binance remains unregulated in the region. The company had formed a local entity named “Binance International Limited Taiwan Branch (Seychelles),” approved by the government on May 12, 2023.

The FSC, which took charge of overseeing the cryptocurrency industry in March, is working on broader transaction and payment guidelines related to VASP cryptocurrencies. The commission plans to release this guidance by September’s end.

Meanwhile, Binance experienced a boost amid the global transaction decline in 2023, partially due to its competitor FTX’s downfall. Its trading held steady from January to March, matching the previous year’s dollar rate.

While facing increased regulatory pressure globally, including withdrawal and rejection by European regulators, the exchange also confronts potential charges from U.S. prosecutors.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Binance

Changpeng Zhao

CZ

FSC

Seychelles

Taiwan

VASP

Avatar of Harold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Binance Seeks Regulatory Ground In Taiwan Amidst Industry Challenge

Key Points:

  • Binance applies for registration under Taiwan’s anti-money laundering regulation.
  • Taiwan’s FSC shares Binance’s registration bid during a meeting with local crypto providers.
  • Exchange trading holds steady globally, despite regulatory hurdles and potential U.S. charges.
According to The Block, Binance, the world’s largest cryptocurrency exchange, has initiated the process of registering under Taiwan’s Money Laundering Control Act, the sole cryptocurrency-related regulation enforced by the local government.
Binance Seeks Regulatory Ground In Taiwan Amidst Industry Challenge
Binance Seeks Regulatory Ground In Taiwan Amidst Industry Challenge 4

This development was disclosed during a closed-door meeting held by Taiwan’s Financial Supervisory Commission (FSC) on Tuesday. The FSC informed numerous domestic cryptocurrency service providers in attendance about Binance’s efforts to secure anti-money laundering compliance registration, as stated by sources familiar with the matter.

Taiwan’s anti-money laundering laws for virtual asset service providers (VASPs) were introduced in July 2021, requiring adherence to regulations. Although this sector largely lacks comprehensive regulation within the country, the move underscores Taiwan’s commitment to establishing a structured framework.

Despite its registration pursuit in Taiwan, Binance remains unregulated in the region. The company had formed a local entity named “Binance International Limited Taiwan Branch (Seychelles),” approved by the government on May 12, 2023.

The FSC, which took charge of overseeing the cryptocurrency industry in March, is working on broader transaction and payment guidelines related to VASP cryptocurrencies. The commission plans to release this guidance by September’s end.

Meanwhile, Binance experienced a boost amid the global transaction decline in 2023, partially due to its competitor FTX’s downfall. Its trading held steady from January to March, matching the previous year’s dollar rate.

While facing increased regulatory pressure globally, including withdrawal and rejection by European regulators, the exchange also confronts potential charges from U.S. prosecutors.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.