According to local sources, Binance is working on becoming compliant with Taiwan’s anti-money laundering (AML) rules.
This suggests that the exchange is planning to enter Taiwan’s cryptocurrency industry. During a regulatory draft meeting, the Taiwan Financial Supervisory Commission stated that Binance is among the entities seeking approval for their AML procedures.
To enter the region’s cryptocurrency market, Binance has applied for registration in Taiwan under the Financial Supervisory Commission (FSC) and Money Laundering Control Act. Local media reported this move on August 11.
Chen Peiyun, co-founder of Taiwanese cryptocurrency exchange BitShine, has stated that the FSC is considering Binance as one of the potential exchanges to enter Taiwan’s cryptocurrency sector.
Binance plans to utilize the name “Binance International Limited Taiwan Branch” for its Taiwan-registered corporation, as the AML declaration applies exclusively to entities registered in Taiwan.
Established in May 2023 and formally registered in Taiwan in June, Binance’s history indicates its readiness to make this move. The company’s representative, Nirun Fuwattananukul, is reportedly of Thai origin, though personal information is not widely available.
As of March 2023, Taiwan maintains a hands-off approach to cryptocurrency regulation, having designated a formal regulator for monitoring the market.
Amid ongoing regulatory inquiries in the US and Europe, news of Binance’s potential entry into Taiwan’s cryptocurrency market has surfaced. The exchange deals with multiple legal challenges in the US and has opted to exit several European countries due to regulatory complications.
