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Alisa Davidson
Published: November 29, 2024 at 7:05 am Updated: November 29, 2024 at 7:05 am
Edited and fact-checked:
November 29, 2024 at 7:05 am
In Brief
Binance announces changes to its operations to comply with Taiwan’s Money Laundering Control Act, which takes effect on November 30.
Cryptocurrency exchange Binance announced changes to its operations in compliance with the updated amendments to Taiwan’s Money Laundering Control Act, which take effect on November 30th.
Starting today, all merchants in the New Taiwan Dollar (TWD) market, including cash merchants, who lack P2Pro verification or approval of the Taiwan Financial Supervisory Commission’s AML Compliance Statement will have their advertisement posts removed from Binance P2P’s TWD market. Binance has advised affected merchants to take note and plan accordingly.
Notably, merchants with P2Pro verification status—those who have obtained the FSC’s AML Compliance Statement approval—can continue to operate and transact on Binance P2P. However, merchants without P2Pro verification for the TWD market will no longer be allowed to publish advertisements or offer services related to buying, selling, or trading TWD and virtual assets on Binance P2P.
Binance has encouraged all merchants to register for Money Laundering Prevention compliance with Taiwan’s Financial Supervisory Commission starting November 30th and to apply for P2Pro Merchant status on Binance after receiving approval.
Taiwan has accelerated the implementation of its new Anti-Money Laundering (AML) regulations for cryptocurrency businesses following enforcement actions against two cryptocurrency exchanges for violations. The Financial Supervisory Commission (FSC) has moved up the deadline for the mandatory money laundering prevention registration for exchanges to November 30th, ahead of the original January 1st, 2025, timeline.
Binance supports transactions for over 350 cryptocurrencies and digital tokens, offering a platform recognized for its competitive transaction fees and strong liquidity. These features make it appealing to a diverse user base across the globe.
Recently, Binance introduced Binance PayDay, its first global cryptocurrency shopping event. This initiative seeks to encourage and incentivize the use of cryptocurrencies for everyday purchases, particularly during the holiday season, highlighting the growing utility of digital assets in real-world transactions.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
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