Binance Updates Taiwan Operations to Align with New AML Regulations and Launches Global Shopping Event

Binance has announced some important updates for its operations in Taiwan. These changes are to comply with the revised Money Laundering Control Act, which takes effect on November 30th.

Starting now, all merchants in the New Taiwan Dollar (TWD) market, including cash merchants, need to have P2Pro verification. If they don’t, their ads will be removed from Binance P2P’s TWD market. Binance is encouraging affected merchants to take note and adjust their plans accordingly.

Merchants who have P2Pro verification—meaning they have the Financial Supervisory Commission’s (FSC) AML Compliance Statement—can continue to operate on Binance P2P. However, those without this verification won’t be allowed to publish ads or offer services for buying, selling, or trading TWD and virtual assets.

Binance urges all merchants to register for Money Laundering Prevention compliance with Taiwan’s FSC starting November 30th. They should also apply for P2Pro Merchant status on Binance after receiving approval.

Taiwan is speeding up the implementation of its new Anti-Money Laundering (AML) regulations for cryptocurrency businesses. This comes after enforcement actions against two exchanges for violations. The FSC has moved the deadline for mandatory money laundering prevention registration for exchanges to November 30th, ahead of the original date of January 1st, 2025.

Additionally, Binance has launched its first global shopping event called Binance PayDay. This initiative aims to promote the use of cryptocurrencies for everyday purchases, especially during the holiday season. It highlights the growing role of digital assets in real-world transactions and encourages users to adopt them.