Binance Updates TWD P2P Merchant Policies for New AML Regulations

Binance Adjusts Peer-to-Peer (P2P) Merchant Policies for New Taiwan Dollar

In a significant move in response to evolving regulatory requirements, Binance has announced important adjustments to its peer-to-peer (P2P) trading operations in the New Taiwan dollar (TWD) market. These changes will become effective on November 29, 2024, just a day before Taiwan’s updated Money Laundering Control Act goes into effect on November 30, 2024.

Key Changes for P2P Merchants

P2Pro Verification Required: Only merchants with a P2Pro verification status, which is approved under Taiwan's Financial Supervisory Commission’s (FSC) AML Compliance Statement, will be allowed to continue their operations and advertising in the TWD market.
Advertisment Restrictions: Merchants without P2Pro verification will face severe restrictions, including the removal of all advertisements from Binance P2P, and they will be prohibited from trading TWD or any virtual assets.

Actions for Affected Merchants

In light of these changes, Binance is encouraging affected merchants to initiate their compliance processes. Merchants are urged to apply for the FSC’s Money Laundering Prevention Registration starting November 30, 2024. This proactive step is crucial for regaining compliance and ensuring business continuity under the new regulatory framework.

Steps to Resume Operations

Apply for the FSC Money Laundering Prevention Registration.
Once approval is obtained, merchants can then apply for a P2Pro Merchant status.
After achieving P2Pro status, operations and advertising can resume.

Stay Informed and Prepared

As the regulatory landscape continues to evolve, it is essential for traders and merchants to stay updated with the latest developments. Proper planning ahead of the enforcement of these policies will help ensure uninterrupted business operations. Binance remains committed to compliance and providing a secure trading environment for its users.

Conclusion

In conclusion, the adjustments made by Binance reflect the platform's dedication to aligning with local regulations and safeguarding the interests of its users. By adhering to these new requirements, merchants can continue to thrive in the rapidly changing cryptocurrency landscape of Taiwan.