Binance, the world’s largest cryptocurrency exchange, is reportedly seeking registration under Taiwan’s Money Laundering Control Act.

This step reflects Binance’s commitment to aligning with local regulations and reinforces its efforts to enhance anti-money laundering (AML) measures.

Sources reveal that during a closed-door meeting on Tuesday, Taiwan’s Financial Supervisory Commission (FSC) conveyed to numerous domestic crypto service providers that Binance has initiated the process of registering for AML compliance.

This marks a pivotal development as Taiwan’s authorities have established the Money Laundering Control Act as the primary regulatory framework for crypto-related activities.

Since the introduction of AML rules by the FSC in July 2021, virtual asset service providers (VASPs) in Taiwan have been required to adhere to anti-money laundering laws.

This move aimed to establish a robust framework for AML practices within the cryptocurrency industry, even as broader regulatory clarity remained elusive.

As of the time of this report, Binance has not issued an official statement in response to queries about its registration process.

However, sources within the FSC have confirmed that the regulatory body urges offshore crypto platforms to comply with local AML regulations.

Notably, Binance has demonstrated its intent to engage with the Taiwanese ecosystem by establishing a local entity named “Binance International Limited Taiwan Branch (Seychelles),” with government approval received on May 12, 2023. The registered capital for this entity stands at NT$30 million ($944,000).

Binance’s engagement with Taiwan extends beyond regulatory matters. The exchange has actively partnered with local law enforcement agencies to combat cybercrime.

In a significant step towards fostering a safer crypto environment, Binance collaborated with Taiwan’s Criminal Investigation Bureau.

The exchange shared its expertise in addressing digital asset-related crimes with over 200 law enforcement officers, emphasizing its commitment to user safety and comfort within the burgeoning Taiwanese crypto ecosystem.