Binance Looks to Register in Taiwan for Enhanced Self-Regulation
Binance, the world’s largest cryptocurrency exchange, is taking steps to register in Taiwan in order to comply with anti-money laundering regulations. Although currently unregulated in Taiwan, Binance has established a local entity called “Binance International Limited Taiwan Branch (Seychelles)”. The company registration was approved on May 12, 2023, with a registered capital of NT$30 million ($937,000).
In addition, Binance has collaborated with Taiwan’s Criminal Investigation Bureau to combat digital asset-related crime, providing support to over 200 law enforcement officers. The telecommunications giant Taiwan Mobile is also in discussions with local crypto platforms for potential partnerships and investments, including Taiwan-based XREX.
Hot Take
Binance’s move to register in Taiwan showcases its commitment to self-regulation and compliance with anti-money laundering measures. By establishing a local entity and collaborating with law enforcement agencies, Binance aims to contribute to the fight against digital asset-related crime. This proactive approach may inspire other cryptocurrency exchanges to seek regulatory measures for enhanced transparency and security in the industry.
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