Binance Aims for AML Compliance in Taiwan: Registration Process Underway

The world’s most significant crypto-exchange, Binance, is making moves to be registered according to the Money Laundering Control Act of Taiwan, the sole current set of virtual currency-related regulations to be implemented by national authorities. At a secret gathering on Tuesday, the nation’s Financial Supervisory Commission received made clear to participating crypto service firms that Binance has begun the procedure of becoming registered to abide by anti-money laundering principles. Two individuals knowledgeable of the situation leaking this information. As amended by the FSC in July 2021, any providers of virtual asset services (VASPs) must oblige to the anti-money laundering regulations of the government, or be denied engagement within Taiwan's digital currency industry. A clarifying remark from Binance failed to come in response to The Block's request. Yet a responding authority at the FSC, during a phone call with The Block on Friday, was unsure whether Binance had accomplished the required official procedures for enrollment with the regulatory body. Not directly clarifying the query, they did however insist on shoreside crypto platforms respecting the anti-money laundering demands of the state. Even yet unlicensed by the Taiwanese jurisdiction, Binance , had arranged their local business as "Binance International Limited Taiwan Branch (Seychelles)". The wellbeing and ease of users in the cryptocurrency realm, as increasing interests come from people in Taiwan, became the outlook of emphasis from Damien Ho, head of Global Relationships at Binance, speaking in a June blog post. As part of their venture hunt across Asia, the exchange bought the Sakura Exchange BitCoin in November 2022, receiving in the process Japan Financial Service Agency regulation of its entrance to the Japanese market.
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