Through a recent law enforcement workshop in Taiwan, Binance took strides to bolster trust within the web3 ecosystem.
Binance hosted a virtual assets law enforcement workshop for the officials of the Keelung District Prosecutors Office in Taiwan to strengthen relationships with law enforcement in handling crimes linked to cryptocurrency.
The event, revealed on March 13, reflects Binance’s continuous efforts to improve user security and safety within the web3 ecosystem. The company’s application for registration under the Money Laundering Control Act and Taiwan’s Financial Supervisory Commission (FSC) demonstrated its adherence to anti-money laundering (AML) rules.
According to a report published on August 11, Binance intends to expand its operations into Taiwan’s cryptocurrency sector in compliance with local regulations.
Binance has been interacting with Taiwanese authorities since June when it partnered with the Criminal Investigation Bureau to provide more than 200 law enforcement personnel with specific training to combat crimes involving digital assets.
Part of Binance’s Global Law Enforcement Training Program, which has conducted over fifty training sessions globally, is the collaboration. In related news, claims of a cryptocurrency scam that allegedly conned investors out of millions of dollars prompted Taiwanese authorities to take action against the local cryptocurrency exchange, ACE, in January.
ACE’s founder David Pan and a partner called Lin were taken into custody as part of the inquiry. Law enforcement agents seized significant quantities of cash and cryptocurrency during raids, underscoring the continued difficulties facing Taiwan’s cryptocurrency industry.
Recognizing the necessity for a cryptocurrency-specific legal framework, the Taiwanese government said in March 2024 that legislation would be introduced by September.
This project aims to enforce strict regulations on domestic and foreign cryptocurrency enterprises to prevent fraudulent activities and maintain the stability and security of the financial markets.
Huang Tianzhu, the chairman of the Financial Supervisory Commission, expressed concerns about the risks associated with unregulated investments and the disconnection of virtual assets from the actual economy.
In a different incident, Binance encountered difficulties in Nigeria after its chief investigator for cryptocurrency crimes and a regional manager were arrested there.
According to Wired, the episode brings to light the difficulties and obstacles posed by regulations for cryptocurrency exchanges that operate on a global basis.
Taiwan is pushing for cryptocurrency regulation in line with its earlier attempts to adhere to global AML guidelines established by the Financial Action Task Force.
The country is committed to establishing a safer and more regulated digital asset sector, as seen by its proactive approach to registering 24 cryptocurrency platforms and the upcoming legislative initiatives.
