The situation for users in Taiwan became very clear after 2025: Binance Taiwan has completed the Financial Supervisory Commission (FSC) anti-money laundering registration, becoming a legally usable platform. This makes Taiwan the only market in Greater China that is "fully compliant with complete features." After the Virtual Asset Service Provider Act (VASP special law) takes effect at the end of 2025, compliance requirements are further refined. Friends who want to register in Taiwan can directly open the Binance Official Website, download the APP via the Binance Official APP, and Apple users can use the iOS Installation Guide.
Evolution of Taiwan's Regulation
Taiwan's attitude towards crypto has always been relatively pragmatic, and its regulatory pace is similar to Hong Kong's:
- July 2019: The FSC issued STO guidelines to categorize security tokens.
- July 2021: The amendment to the Money Laundering Control Act passed, bringing crypto platforms under AML regulation.
- November 1, 2021: Crypto operators must complete money laundering prevention registration with the FSC; those unregistered by the deadline must suspend operations.
- September 2023: The FSC issued the Guiding Principles for Virtual Asset Platforms and Trading Businesses.
- October 2023: The Taiwan VASP Association was established.
- November 2024: Binance completed its money laundering prevention registration through its Taiwan subsidiary, joining the compliance list.
- March 2024: The draft VASP special law was published.
- June 2025: The Virtual Asset Service Provider Act passed its third reading in the Legislative Yuan.
- December 31, 2025: The special law officially takes effect.
- Current Status: As of April 2026, Binance Taiwan operates normally as a compliant platform.
Important Fact: Taiwan didn't shut Binance out like Singapore or the Philippines did; instead, it allowed Binance to operate compliantly locally through the AML registration system. This is thanks to Binance's long-term investment in the Taiwan market (TWD P2P has always been active) and the FSC's open attitude.
Complete Availability for Taiwan Users
Taiwan is one of Binance's most feature-complete markets in Asia:
| Item | Status for Taiwan Users |
|---|---|
| Account Registration | Fully available, ROC ID Card |
| Web Access | Direct access available, no VPN needed |
| APP Download | Available on Google Play & App Store |
| Spot Trading | Fully available |
| Futures Trading | Fully available, up to 125x leverage |
| Launchpad | Fully available |
| Staking & Earn | Fully available |
| Options | Fully available |
| TWD P2P | Very active, hundreds of merchants |
| Direct Bank Connection | Partially restricted, most banks intercept |
| Binance Card (Visa) | Taiwan version not yet available |
| Chinese Support | Traditional Chinese + Simplified Chinese |
In other words: Except for a physical card, the experience enjoyed by Taiwan users is as complete as that of many Western users. This is extremely rare in Asia.
Registration and KYC Process
1. Document Requirements
- ROC National ID Card (Front and Back)
- ROC Passport
- Alien Resident Certificate (ARC): Available for expat residents
The new version of the ID card (the 2020 version issued over the years) has the highest recognition rate.
2. Proof of Address
Taiwan users need to provide one of the following from within the last 3 months:
- Taiwan Power Company electricity bill
- Chunghwa Telecom, Taiwan Mobile, or other telecom bills
- Gas or water bills
- Bank statements
- Driver's license reverse side address (acceptable in some cases)
3. Facial Recognition
Taiwan users should note:
- Do not wear a mask.
- Ensure ample lighting.
- Take off glasses.
- Use a solid-color background.
The review time is 5-30 minutes, and the speed has significantly improved after compliance registration.
TWD Deposits and Withdrawals in Practice
What Taiwan users care about most is how to turn New Taiwan Dollars into crypto. There are three main ways:
Method 1: Buy directly via P2P
- Binance P2P Market TWD Zone.
- 300-500 active merchants.
- Payment methods: Transfers from mainstream banks like Cathay United, E.SUN, Taishin, CTBC, Fubon, etc.
- Spread 0.3-0.8% (slightly higher than market price).
- Recommended single transaction: under 100,000 TWD.
- For larger amounts, split into multiple transactions.
Recommended Banks: Cathay United, E.SUN, and Taishin are relatively lenient for P2P transfers.
Note: Taiwan Cooperative Bank, First Bank, and Hua Nan Bank have stricter risk controls on crypto-related transfers and are likely to ask questions.
Method 2: Transit via Local Exchanges
Taiwan has several compliant exchanges:
- MaiCoin / MAX: Veteran Taiwanese exchange.
- BitoEX / BitoPro: The largest local platform.
- ACE: Another mainstream platform.
Process: Transfer TWD to a local exchange → Buy USDT → Withdraw to Binance. Fees are higher than P2P, but it's safer at the banking level.
Method 3: Overseas Transit
- Transfer to an offshore account via Wise.
- Then move it into Binance.
- Suitable for large amounts (millions and above).
- Requires bank declaration.
New Requirements Under Taiwan's VASP Special Law
The VASP special law taking effect at the end of 2025 brought several important changes:
- Operators must apply for a formal VASP license (no longer just AML registration).
- Real-name systems are further strengthened, all transactions must correspond to natural persons.
- Cold and hot wallet separation, 95% of user assets stored cold.
- Segregation of customer funds.
- Annual audit reports.
- Advertising and marketing restrictions (similar to retail protection in Singapore).
Impact on Users:
- Binance Taiwan needs to further submit a license application (to be completed in 2026).
- User experience will not noticeably change.
- KYC might need to be redone to meet new requirements.
- Advertisements will decrease.
Crypto Taxation in Taiwan
Taxation on crypto in Taiwan is more complex than in Hong Kong, but more relaxed than in Singapore or South Korea:
- Individual crypto trading: Currently treated as property transaction income.
- Must be incorporated into the annual comprehensive income tax declaration.
- Exemption amount: Individual basic income tax exemption of 920,000 TWD.
- Actual enforcement: The Ministry of Finance currently focuses mainly on large fund movements, with small retail investors self-reporting.
- Future: Under the VASP law, the tax bureau can directly request data from platforms.
Advice: Keep annual trading reports. The Binance Taiwan account can directly export a complete trading history, making tax filing convenient.
Best Practices for Taiwan Users
1. Funding Routes
Small amounts (under 500,000 TWD): Buy directly via P2P. Medium amounts (500k - 5 million TWD): Transit via local exchanges. Large amounts (over 5 million TWD): Offshore account + Wise.
2. Account Security
Taiwan is one of the regions in Asia with the most Binance phishing attacks. Be sure to:
- Enable Google Authenticator.
- Enable the Anti-Phishing Code.
- Do not click on any "Binance Customer Service" Line messages.
- Only download the APP from the official website.
3. Tax Preparation
Export complete transaction records before the annual declaration, don't wait for the IRS to come knocking. Starting in 2026, when compliance links are smoothed out, the risk of underreporting increases.
Frequently Asked Questions (FAQ)
Q1: Is it completely legal for Taiwanese to use Binance? Yes. Binance has completed money laundering prevention registration and will get a formal VASP license in 2026. There are no legal risks for users.
Q2: Why do Taiwan banks still block Binance transfers? Bank risk control is independent, and compliance registration does not mean banks must cooperate. Cathay, E.SUN, and Taishin are relatively lenient, while veteran state-owned banks are stricter.
Q3: Can Taiwan users trade futures? Yes, fully available. This is one of Taiwan's biggest advantages compared to other Asian markets.
Q4: Will the VASP law ban small-cap altcoins? It won't implement a whitelist like Thailand. However, the FSC might require stricter reviews before listing coins. Currently, the coin offerings on Binance Taiwan and the international site are basically identical.
Q5: Is it better to use Binance in Taiwan or Hong Kong? Both have advantages. Taiwan's compliance is clearer (registered), while Hong Kong's regulation is more relaxed (no registration required but not opposed); Taiwan has a capital gains tax, while Hong Kong is tax-free; Taiwan's interface features Traditional Chinese, whereas Hong Kong is English-first. For long-term holding choose Hong Kong, for daily trading both are comparable.
Conclusion
Taiwan is the "Binance benchmark market" in Greater China: a clear compliance path, complete features, excellent Chinese service, and an active community. This is especially precious after the Terra, FTX, and JPEX incidents. With the full implementation of the VASP law in 2026, the Taiwan market will be further standardized. For Taiwan users, the most important things are to prepare for taxes + ensure account security; Binance will handle the rest. Compared to Singapore, South Korea, and the Philippines, Taiwan users should really cherish this relaxed environment.