Binance is revising its P2P trading policies in Taiwan in response to the latest AML regulations.
In Brief
Binance is making changes to align its services with Taiwan’s Money Laundering Control Act, set to start on November 30.
Cryptocurrency exchange Binance The company announced adjustments to its operations to align with the revised provisions of Taiwan’s Money Laundering Control Act, effective from November 30.
As of today, any merchants operating in New Taiwan Dollar (TWD), including cash traders, who do not possess P2Pro verification or the Taiwan Financial Supervisory Commission's AML Compliance Statement will see their advertisements discontinued on Binance's TWD market. Binance has urged these merchants to be mindful and prepare accordingly.
It's important to note that merchants with P2Pro verification—who have successfully acquired the FSC’s AML Compliance Statement approval—will still be permitted to trade on Binance P2P. Conversely, those without P2Pro verification in the TWD market will be unable to display advertisements or engage in any transactions relating to TWD or digital assets on the Binance P2P platform.
Binance has encouraged all merchants to initiate the registration process for Anti-Money Laundering compliance with the Taiwan Financial Supervisory Commission starting November 30 and to apply for P2Pro Merchant status on Binance upon receiving the necessary approvals.
Following enforcement measures against two cryptocurrency exchanges for non-compliance, Taiwan has expedited the introduction of its new AML regulations for crypto enterprises. The Financial Supervisory Commission has moved the deadline for mandatory AML registration for exchanges to November 30, ahead of the previously set timeline of January 1, 2025.
Binance is launching its inaugural global holiday shopping event.
Binance The exchange supports transactions involving over 350 cryptocurrencies and digital tokens and is recognized for its competitive fees and robust liquidity, making it a highly attractive platform for a wide range of users globally.
Recently, Binance introduced Binance PayDay marks its first global initiative aimed at promoting cryptocurrency use for everyday purchases during the festive season, showcasing the increasing relevance of digital assets in practical transactions.
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