- Binance, a cryptocurrency exchange that had to exit China due to a ban in 2017, is making a formal entry into the Taiwan market.
- The Taiwan Financial Supervisory Commission (FSC) announced this during a meeting with several crypto exchange managers in the country.
- Although Binance already operates a subsidiary in Taiwan, it is not fully regulated and needs to apply for an anti-money laundering license under Taiwanese law.
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Binance, a major cryptocurrency exchange, is planning a formal entry into the Taiwan market, years after being forced to leave China. This was announced by the Taiwan Financial Supervisory Commission during a meeting with crypto exchange managers in the country. Despite already having a subsidiary in Taiwan, Binance is not fully regulated and needs to secure an anti-money laundering license to operate without issues.
Binance’s Planned Entry into Taiwan
Binance, one of the world’s largest cryptocurrency exchanges, is preparing to make a formal entry into the Taiwan market. This news was revealed during a meeting held by the Taiwan Financial Supervisory Commission (FSC) with several crypto exchange managers in the country. The FSC indicated that Binance is ready to submit an application to officially launch its operations in Taiwan.
Regulatory Compliance in Taiwan
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As part of its entry process, Binance is expected to apply for an anti-money laundering license under Taiwanese law. This is a mandatory requirement for all crypto exchanges operating in Taiwan, following a law enacted in 2021. This move is seen as a crucial step towards ensuring compliance with local regulations and creating a secure environment for cryptocurrency trading.
Binance’s Existing Presence in Taiwan
Despite not being fully regulated, Binance already has a presence in Taiwan through its subsidiary, “Binance International Limited Taiwan Branch”. According to local records, the company received government approval on May 12. However, to operate smoothly in Taiwan, Binance needs to secure an anti-money laundering license.
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In conclusion, Binance’s planned entry into the Taiwan market signifies its commitment to expanding its global footprint while adhering to local regulations. The move also highlights the importance of regulatory compliance in the rapidly evolving cryptocurrency market. It remains to be seen how this development will influence Binance’s operations and the broader crypto market in Taiwan.