New destination for Binance Taiwan: Application for crypto regulation will be filed

New destination for Binance Taiwan: Application for crypto regulation will be filed

Binance, which had to leave China in 2017 after it banned its stock markets, officially enters Taiwan market, which it claims has experienced many crises after years and not in China .

announced at the meeting

As exclusive news from the US media reports The Block, the Taiwan Financial Supervisory Commission (FSC) met with several crypto exchange managers in the country on Tuesday. At the meeting, the chairman of the commission told the exchanges that Binance is also preparing to apply to officially enter the Taiwan market.

It was said that the stock market would be the first to be implemented within the framework of the law on the prevention of money laundering. Cryptocurrency exchanges in Taiwan are required to produce a license under this law, which was enacted in 2021.

There has been no statement from the Binance Exchange or the FSC on this subject.

in the country but not regulated!

Although Binance is not fully regulated in Taiwan, a subsidiary of the company called “Binance International Limited Taiwan Branch” also operates here, according to records in the country. Information on record also shows that the exchange had received government approval on May 12. However, the exchange must also have this anti-money laundering license in order to serve here without any issues.

Announced cooperation with Taiwanese institutions

As will be remembered, in June the Binance exchange also announced cooperation with local law enforcement to fight cybercrime in Taiwan. The exchange made presentations to more than 200 Taiwanese authorities on its handling of crimes related to digital assets.

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