The leading cryptocurrency trading platform, Binance, has reportedly submitted an application for registration in Taiwan under the Money Laundering Control Act and the supervision of the Financial Supervisory Commission (FSC), according to a local media report.
Binance has established a local entity, “Binance International Limited Taiwan Branch (Seychelles),” as indicated by the Department of Commerce’s records. Government approval for the registration was granted on May 12, 2023, with a capital of NT$30 million ($944,000).
In addition to its registration efforts, Binance is collaborating with Taiwanese authorities in their fight against online crimes. This move aligns with the government’s proactive approach to cryptocurrency oversight, which began in March.
This development comes amidst ongoing legal challenges for Binance in the United States and Europe. The platform is currently navigating multiple legal cases in the U.S. and has faced regulatory issues that led to its withdrawal from UK Amid Heightened Regulatory Scrutiny.
Binance’s strategic registration in Taiwan and collaboration with local authorities reflect its commitment to adapting and complying with evolving cryptocurrency regulations, even amid global legal challenges, as it aims to enhance user security and protect investor rights.