Binance, one of the world’s leading cryptocurrency exchanges, is looking to obtain a regulatory license in Taiwan to offer its services in the country. According to a report by The Block, the exchange has applied to be registered under Taiwan’s anti-money laundering (AML) rules. Taiwan has strict AML laws, and all digital asset service providers are required to comply with these regulations set by the Financial Supervisory Commission (FSC).

Despite its close proximity to China, Taiwan has distinct crypto policies and has separated itself from the comprehensive ban on crypto-related activities enforced by the Beijing government.

Binance’s Entrance into the Taiwanese Market

Binance is actively seeking national regulatory approval to comply with local authorities and expand its offerings in Taiwan. If approved, the exchange can legally enter the Taiwanese market and provide its services to customers in the region. According to sources, Binance is engaging in registration to ensure strict compliance with AML regulations as stipulated by Taiwan’s financial authorities.

The FSC disclosed this information during a confidential meeting with domestic crypto exchanges in Taiwan, as reported by local media.

Binance’s Collaboration with Taiwanese Authorities

While Binance’s full regulatory status in Taiwan is pending, the exchange currently operates in the country through a registered entity called “Binance International Limited Taiwan Branch (Seychelles).” The Taiwanese government approved this entity in May 2023, with a registered capital of NT$30 million ($944,000).

In addition to its registration, Binance has partnered with Taiwanese law enforcement agencies to combat cybercrime. The exchange announced its collaboration with the Criminal Investigation Bureau (CIB) in June, aiming to share its expertise in addressing digital asset-related crime with over 200 Taiwanese law enforcement officers.

Regulatory Challenges in the US and Europe

While expanding in Asia, Binance is dealing with regulatory hurdles in the United States and Europe. The exchange is currently facing various legal cases in the US, including a lawsuit filed by the Securities and Exchange Commission (SEC). In Europe, Binance has decided to withdraw from several European jurisdictions, such as the Netherlands, due to regulatory concerns.

FAQ

Does Binance have a regulatory license in Taiwan?

No, Binance is currently in the process of applying for a regulatory license in Taiwan to comply with the country’s AML regulations.

What is the regulatory authority in Taiwan?

The Financial Supervisory Commission (FSC) is the regulatory authority in Taiwan that oversees and enforces financial regulations.

Is Binance facing regulatory challenges in the US and Europe?

Yes, Binance is dealing with regulatory hurdles in the United States and has various legal cases, including one with the SEC. In Europe, the exchange has decided to withdraw from certain jurisdictions due to regulatory concerns.

What is Binance’s collaboration with Taiwanese law enforcement?

Binance has partnered with the Taiwanese Criminal Investigation Bureau (CIB) to combat cybercrime. The exchange shares its expertise in addressing digital asset-related crime with over 200 Taiwanese law enforcement officers.

What is Binance’s presence in Asia?

Binance is expanding its presence in Asia and has re-entered the Japanese market. The exchange acquired Sakura Exchange BitCoin to explore the Asian market.

What are the AML laws in Taiwan?

Taiwan has stringent anti-money laundering (AML) laws that require all digital asset service providers to comply with regulations set by the Financial Supervisory Commission (FSC).

Does Taiwan have the same crypto policies as mainland China?

No, Taiwan has separate crypto policies from mainland China, which has enforced a comprehensive ban on crypto-related activities since 2021.

When did Binance establish its registered entity in Taiwan?

Binance established its registered entity, “Binance International Limited Taiwan Branch (Seychelles),” in May 2023, with a registered capital of NT$30 million ($944,000).