Binance held a virtual assets law enforcement workshop for the officers of the Keelung District Prosecutors Office in Taiwan today.
TakeAway Points:
- Binance hosted a virtual asset law enforcement workshop in Taiwan.
- The event aims to assist law enforcement in addressing crimes related to cryptocurrency.
- In addition, Binance intends to expand its operations into Taiwan’s cryptocurrency sector in compliance with local regulations.
Virtual Asset Law Enforcement Workshop
The event, which was revealed on March 13, is a reflection of Binance’s continuous efforts to improve user security and safety within the web3 ecosystem. It aims to further assist law enforcement in addressing crimes related to cryptocurrency.
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“These sessions are part of our broader commitment to safeguard users and build a trusted Web3 ecosystem for the community,”
the report stated.
The company’s application for registration under the Money Laundering Control Act and Taiwan’s Financial Supervisory Commission (FSC) demonstrated its adherence to anti-money laundering (AML) rules. According to a report published on Aug. 11, Binance intends to expand its operations into Taiwan’s cryptocurrency sector in compliance with local regulations.
Binance and Taiwan’s Relationship
Binance has been interacting with Taiwanese authorities since June, when it partnered with the Criminal Investigation Bureau to provide more than 200 law enforcement personnel with specialised training to combat crimes involving digital assets. Part of Binance’s Global Law Enforcement Training Programme, which has facilitated over fifty training sessions globally, is the collaboration.
Furthermore, a cryptocurrency-specific legal framework is clearly needed, as evidenced by the Taiwanese government’s announcement in March 2024 that legislation will be introduced by Sept., according to Crypto News. In order to prevent fraud and maintain the stability and security of the financial markets, this initiative aims to impose strict restrictions on local and international cryptocurrency organisations.
However, in a different incident, Binance encountered difficulties in Nigeria after its chief investigator for cryptocurrency crimes and a regional manager were arrested there. According to Wired, the episode brings to light the difficulties and obstacles posed by regulations for cryptocurrency exchanges that operate on a global basis.
