Chou, a Binance user from Taiwan, said he first became interested in cryptocurrency several years ago after realizing how difficult it would be to accumulate wealth from his job alone. Taiwan has been welcoming crypto exchanges, while some crypto experts in the U.S. fear Washington is pushing crypto companies out of the country into friendlier jurisdictions.
"The app was easy to use and the products helped me invest and diversify quickly," Chou said. "But the most valuable thing I’ve found with Binance is the community. There’s an emphasis on positive education, inclusive experiences and a forward-thinking mindset. When you give people choice, support them and help them grow, it’s a net positive."
Policymakers in Taiwan have discussed its potential to become “the blockchain island” for years, according to Rest of World. Last September, they gave regulatory approval to 24 crypto exchanges. Taiwan’s crypto transaction volume grew by more than 30% from January through June 2022.
Binance, the largest crypto exchange in the world, led a one-day training program for Taiwan’s Criminal Investigation Bureau earlier this year, sharing information on crime trends and investigation techniques, according to a Binance blog post. More than 200 CIB personnel joined the training, both in-person and online, which was led by Binance’s Law Enforcement Training and Investigation team.
The training was part of Binance’s Global Law Enforcement Training Program, through which the exchange held more than 50 training sessions in the first five months of 2023, the blog post reported. Jarek Jakubcek, the head of law enforcement training at Binance, said those training sessions are vital, because effective user protection comes from collaboration between crypto companies and law enforcement agencies.
“User protection is the utmost priority at Binance, and a large part of that involves proactive engagement with law enforcement agencies around the world,” Jakubcek said in the blog post. “After all, effective security is collaborative. Today’s session offered yet another valuable opportunity to share our experience on crime prevention and investigations, and we are glad to be working hand in hand with Taiwan’s law enforcement authorities."
Rep. Patrick McHenry, R-N.C., chairman of the House Financial Services Committee, expressed concern earlier this year that U.S. crypto policy could be pushing innovators out of the country, which could threaten the U.S.’s position as a global financial leader, according to a news release.
“America can either cement our position as the leader of the global financial system, or we can allow this wave of innovation to pass us by,” McHenry said in the release. “The digital asset ecosystem holds tremendous potential to bring more Americans into our financial system and serve as the building blocks of the next generation of the internet. Unfortunately, misguided policy and regulatory overreach threatens to push this dynamic industry — and its potential benefits — overseas.”