Binance has announced adjustments for peer-to-peer (P2P) merchants in the New Taiwan dollar (TWD) market, effective November 29, 2024. These changes align with Taiwan’s updated Money Laundering Control Act, which comes into effect on November 30, 2024.
Key Changes:
Only merchants with P2Pro verification status, approved under Taiwan's Financial Supervisory Commission (FSC) AML Compliance Statement, may continue operations and advertising in the TWD market.
Merchants without this verification will have all advertisements removed from Binance P2P and will be prohibited from trading TWD or virtual assets.
Binance urges affected merchants to apply for the FSC’s Money Laundering Prevention Registration starting November 30, 2024, to regain compliance. Upon obtaining approval, merchants can then apply for P2Pro Merchant status to resume operations.
Stay updated and plan ahead to ensure uninterrupted business in the evolving regulatory landscape.