Featured categories

Quick Links

After Being Delisted by FSC, Taiwan’s First Company to Remove Anti-Money Laundering Declaration from 畢竟科技 (幣竟交易所)

Cryptocurrency Exchange Bitrue Removed from Taiwan’s Anti-Money Laundering List

In a surprising turn of events, cryptocurrency exchange Bitrue has been removed from Taiwan’s Anti-Money Laundering list by the Financial Supervisory Commission (FSC). Earlier in July, leading telecommunications company Taiwan Mobile was added to the FSC’s list, becoming the 26th entity on the list. However, as of September 13th, the list shrunk back to 25 with Bitrue being excluded.

Bitrue’s Troubles and Compliance Concerns

Bitrue’s exclusion from the list comes following its involvement in the 88 Palace money laundering case, after which it restricted its services to corporate clients only. This move indicates that Bitrue may struggle to operate in compliance with regulatory standards in the future.

Recent Updates in the Anti-Money Laundering Compliance List

According to the latest updates from the Securities and Futures Bureau as of September 13th, Bitrue, previously ranked fifth on the list, has been removed.

Recent inspections by the FSC have resulted in penalties for local players such as ACE and Rybit exchanges for their AML shortcomings, raising concerns about potential enforcement actions in the future.

Several entities that were previously compliant have resorted to selling company shares, changing leadership, and transferring ownership to other entities in an attempt to acquire AML compliance certifications directly. However, the FSC’s scrutiny of their business practices and alignment with their initial compliance statements may jeopardize the longevity of these certifications.

Implications of Bitrue’s Removal and Compliance Challenges

Bitrue’s removal from the AML list serves as a cautionary tale for other entities that compliance with AML regulations is crucial for sustainable operations in the cryptocurrency space. The acquisition of AML-compliant entities in a bid to achieve regulatory compliance may prove to be a futile endeavor as regulatory authorities closely monitor such activities.

RELATED ARTICLE

Recommended Readings by Crypto Pie

Featured categories

Quick Links