Through a recent law enforcement workshop in Taiwan, Binance took strides to bolster trust within the web3 ecosystem. To foster stronger ties with law enforcement agencies and combat cryptocurrency-related crimes, Binance organized a virtual assets law enforcement workshop for officials from the Keelung District Prosecutors Office in Taiwan.
Announced on March 13, this initiative underscores Binance’s ongoing commitment to enhancing user security and safety within the web3 domain.
Binance’s proactive stance on regulatory compliance was highlighted through its application for registration under Taiwan’s Money Laundering Control Act and the Financial Supervisory Commission (FSC). This move signifies adherence to anti-money laundering (AML) protocols and sets the stage for expansion into Taiwan’s cryptocurrency sector, as reported on August 11.
Collaboration with Taiwanese Authorities
Since June, Binance has been engaged in collaborative efforts with Taiwanese authorities. The partnership with the Criminal Investigation Bureau aimed to equip over 200 law enforcement personnel with specialized training to combat digital asset-related crimes, forming part of Binance’s broader Global Law Enforcement Training Program.
In January, Taiwanese authorities cracked down on a local cryptocurrency exchange, ACE, following allegations of a cryptocurrency scam that purportedly defrauded investors of millions of dollars. This incident led to the detention of ACE’s founder, David Pan, and his associate, Lin, with substantial amounts of cash and cryptocurrency seized during law enforcement raids.
To establish a robust regulatory framework for cryptocurrencies, the Taiwanese government announced plans to introduce legislation by September. This initiative aims to enforce stringent regulations on domestic and foreign cryptocurrency enterprises to curb fraudulent activities and ensure the stability and security of financial markets.
Huang Tianzhu, chairman of the Financial Supervisory Commission, expressed apprehensions regarding the risks associated with unregulated investments and the detachment of virtual assets from real-world economies. Furthermore, Binance encountered regulatory hurdles in Nigeria, where its chief investigator for cryptocurrency crimes and a regional manager were apprehended, highlighting the complexities faced by global cryptocurrency exchanges amidst regulatory variations.
Taiwan remains steadfast in its pursuit of cryptocurrency regulation in alignment with global AML guidelines set forth by the Financial Action Task Force. Proactively registering 24 cryptocurrency platforms and forthcoming legislative endeavors underscore Taiwan’s dedication to fostering a safer and more regulated digital asset sector.
