Taiwan to Ban Non-compliant Offshore Crypto Exchanges!

The post Taiwan to Ban Non-compliant Offshore Crypto Exchanges! appeared first on Coinpedia Fintech News

Taiwan’s Financial Supervisory Commission (FSC) has announced plans to ban the operations of offshore crypto exchanges that are not compliant with the country’s regulations. According to an official statement, the FSC intends to introduce new rules to regulate cryptocurrency exchanges and ensure that they comply with anti-money laundering (AML) and counter-terrorism financing (CTF) measures. The FSC has also warned that any crypto exchanges found to be conducting illegal activities will face severe consequences, including fines and imprisonment. This move comes in the wake of growing concerns regarding the illicit use of cryptocurrencies.