Binance Applies for AML Registration in Taiwan After Withdrawing Request for German Regulatory Approval
In Brief
Binance is applying for anti-money laundering registration in Taiwan in preparation for applying for a license to operate in the country.
On Wednesday, BitShine co-founder Chen Peiyun wrote in a Facebook post that Taiwan is discussing the guiding principles for cryptocurrency regulation to be issued in September.
Binance is applying for registration under Taiwan’s Money Laundering Control Act in preparation for applying for a license to operate in the country, per The Block’s report.
Two sources familiar with the matter told The Block that Taiwan’s Financial Supervisory Commission (FSC) revealed to the dozens of domestic crypto service providers in attendance at a closed-door meeting that Binance has begun the process of seeking registration to ensure compliance with anti-money laundering regulations.
Ever since the implementation of anti-money laundering (AML) regulations by Taiwan’s Financial Supervisory Commission (FSC) in July 2021, Virtual Asset Service Providers have been required to adhere to these AML laws.
According to crypto reporter Colin Wu, the steps involved in obtaining a cryptocurrency exchange license in Taiwan include setting up a local company and team in Taiwan, applying for AML registration and establishing a trust or performance guarantee with a local bank.
During a phone call with The Block on Friday, an FSC official avoided discussing whether Binance had submitted documentation for registration with the regulatory body. However, the representative encouraged offshore cryptocurrency platforms operating within Taiwan to comply with the prevailing local AML regulations.
Per Taiwan’s Department of Commerce’s database, Binance has already set up a local entity named Binance International Limited Taiwan Branch (Seychelles). The company registration was approved on May 12, with a registered capital of NT$30 million ($944,000) in Taiwan.
This news comes as BitShine co-founder Chen Peiyun wrote in a Facebook post on Thursday that Taiwan is discussing the guiding principles for cryptocurrency regulation to be issued in September.
After withdrawing its request for German regulatory approval in late July following a series of rejections and exits from Belgium, the Netherlands, and Cyprus, Binance appears to be shifting its expansion plans to Asia. Last week, Binance launched in Japan and hit a milestone of 150 million registered users.
With the EU’s upcoming new Markets in Crypto Assets (MiCA) regulation, there is still hope for Binance to operate in all 27 member states as it can apply for a license in one country and receive blanket approval to operate in all other countries in the EU.
According to Binance’s website, the exchange is currently registered with regulators in France, Italy, Lithuania, Spain, Poland and Sweden. Speaking to Coindesk, a Binance spokesperson said: “With existing registrations in six EU countries, Binance stands ready to make any necessary changes to our business during the implementation period to fully comply with MiCA’s requirements.”
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
