Binance has updated its peer-to-peer (P2P) trading guidelines to comply with the latest amendments to the Money Laundering Control Act, which will be enforced on November 30.
This strategic adjustment affects all merchants using the New Taiwan Dollar (TWD) in the market. It aims to enhance anti-money laundering (AML) measures across its platform.
Effective immediately, Binance will remove advertisement posts in the TWD market from merchants who do not possess P2Pro verification or have not been approved under the Taiwan Financial Supervisory Commission’s AML Compliance Statement.
This new requirement is part of Binance’s commitment to fostering a compliant and secure trading environment. Merchants currently without P2Pro verification will face restrictions, including the inability to post advertisements or buy, sell, or trade TWD and virtual assets on the P2P platform.
For merchants looking to continue their operations unhindered, Binance advises obtaining the necessary P2Pro verification by securing approval for their AML Compliance Statements from the Taiwan Financial Supervisory Commission.
Starting November 30, registration for Money Laundering Prevention compliance will become mandatory for all merchants, marking a significant step in Taiwan’s push to regulate the cryptocurrency landscape more stringently.
This regulatory shift in Taiwan comes on the heels of enforcement actions against two cryptocurrency exchanges and a hastened timeline for mandatory AML registration, now moved up from the initially planned January 1, 2025.