Binance, the world’s largest cryptocurrency exchange by trading volume, has reportedly applied for registration in Taiwan.
Taiwan’s Financial Supervisory Commission (FSC) has told dozens of cryptocurrency service providers in the country that Binance has applied for the required registration under anti-money laundering (AML) regulations, according to local media reports. Chen Pei Yun, co-founder of Taiwanese cryptocurrency exchange Bitshine, was cited as a source. He revealed that Binance has been designated by the FSC as one of the exchange candidates planning to enter the Taiwanese cryptocurrency market.
Binance has not yet responded to Cointelegraph’s request for comment.
Taiwan’s crypto industry is largely unregulated, but the FSC introduced AML guidelines in July 2021, requiring all crypto exchanges operating or serving the country to comply.
Binance operates in Taiwan through a local entity called Binance International Limited Taiwan. According to the registration information, the local entity of Binance was registered on May 12, 2023.
In addition to being registered in Taiwan, Binance is also working with local governments to combat cybercrime.
The FSC became the main regulator of cryptocurrencies in Taiwan in March this year. At the time of the announcement, the head of the regulator said it would focus on developing key rules and policies, such as the separation of client and firm assets and investor protection.
The report of Binance entering the Taiwanese cryptocurrency market comes as the company has come under intense regulatory scrutiny in the United States and Europe. Binance is facing multiple lawsuits in the US and has exited several European countries after regulatory issues.
Translation/Editing Cointelegraph Japan