Last Updated: August 13, 2023
Overview
• Binance is initiating Taiwan’s AML compliance process.
• This process includes verifying user information and transaction details.
• The goal of this is to protect customers from money laundering and other financial crimes.
Background
Binance, the world’s largest cryptocurrency exchange, has launched a new Anti-Money Laundering (AML) Compliance Process in Taiwan. The process requires users to provide additional information about their identity and activities in order to prevent money laundering and other financial crimes.
Verification Process
The verification process will include collecting user data such as name, ID number, contact information, address, occupation, bank account details and source of funds. All this information will be used to verify each customer’s identity and any transactions made on the platform.
Benefits for Customers
This new initiative is a step towards protecting customers from fraudulent activities involving cryptocurrencies while also providing them with a secure environment to make transactions on Binance. Additionally, it will enable customers to take advantage of certain features that are not available in non-compliant countries due to local regulations.
Conclusion
Binance’s AML Compliance Process is an important step in creating a more secure trading environment for its customers while also complying with global regulations. It is expected that other cryptocurrency exchanges will follow suit in order to protect their customers from financial crime related activities associated with digital currencies.
