Binance, the world’s leading crypto exchange by trading volume, has reportedly applied to be registered in Taiwan under the Money Laundering Control Act and the Financial Supervisory Commission (FSC).
The FSC reportedly informed dozens of domestic crypto service providers that Binance is applying for Anti-Money Laundering (AML) compliance, according to a report published in local media. The report cited Chen Peiyun, co-founder of Taiwan-based crypto exchange BitShine, as the source of information, who revealed that the FSC named Binance as one of the exchange prospects planning to enter the Taiwanese crypto market.
Binance has not yet responded to Cointelegraph’s request for comment.
While Taiwan’s cryptocurrency industry is largely unregulated, the FSC introduced AML guidelines in July 2021, requiring all crypto exchanges operating or offering services in the country to comply with the rules.
Binance operates in Taiwan through a local entity called Binance International Limited Taiwan Branch (Seychelles). The registration information shows Binance’s local entity was registered on May 12, 2023.
Apart from its registration in the country, the crypto exchange has also collaborated with local government to fight cybercrime.
The FSC became the primary regulator of cryptocurrencies in the island country in March. At the time of the announcement, the regulatory body’s chief noted that the focus would be on developing major rules and policies, including separating customer assets from company funds and investor protection practices.
Taiwan has made it clear that its crypto policies will be independent of mainland China, given the Beijing government has imposed a blanket ban on crypto-related activities since 2021.
The reports about Binance entering the Taiwanese crypto market come as the crypto exchange faces regulatory scrutiny in the United States and Europe. The company faces multiple lawsuits in the U.S., and it has withdrawn from multiple European judications after regulatory problems.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.