- 1 The prosecutors are interrogating all the suspects involved in the ACE exchange fraud and money laundering activities.
- 2 ACE Exchange has released documents clarifying the removal of Pan from the board last year.
- 3 Chenhuan Wang, the current president of the ACE Exchange, was also asked to refrain from any operations since the charges are clear.
The president of ACE Exchange, Chenhuan Wang, may be detained in Taiwan without the right to visit as investigations around his involvement in fraud and money laundering activities have increased.
The Taipei District Prosecutors Office states that Wang, also the leader of Chien Yeh Law offices, was asked to present himself along with four other suspects following police raids across Northern Taiwan.
After the interrogation, prosecutors filed a request in court to detain Wang and impose control on his visitation rights along with four other suspects.
Involvement of Pan in Ace Exchange
Pan and Lin, the co-conspirators, were accused of collaborating on fraudulent activities for three years, utilizing forged advertisements on social media to convince investors to purchase low-value cryptocurrencies in addition to high-value popular coins and tokens.
The attorney has now involved Wang in the case, and a forum is set to determine whether he will be detained or not.
ACE Exchange responded to Pan’s arrest earlier this month by mentioning that he had not been involved in any of the operations of the exchange since 2022. Wang took over as president in September 2023. He confirms that he has made efforts to remove controversial coins after accepting the role. The company further reassured the public that it was cooperating with the investigation as a witness.
In a recent update, ACE Exchange stated that its trading and operational conditions are normal, enhancing the security of user assets and the smooth operations of the crypto market in the country along with providing New Taiwan Dollar deposit and withdrawal services.
They stated, “We assure the security of user assets, and all services for deposit and withdrawal of cryptocurrencies and New Taiwan Dollar are functioning smoothly.”
ACE Exchange was established in 2018. It is one of the most popular cryptocurrency exchanges in Taiwan, along with other exchanges like BitoGroup and MaiCoin.
ACE Exchange claims that the management team adheres to the law and will not tolerate any misconduct or misrepresentation in the operations of the company.
Crypto Regulations in Taiwan
The Taiwanese government and regulatory bodies have planned to impose restrictions on offshore cryptocurrency exchanges operating within the country unless they complete the required registration process.
In September 2023, Taiwan’s Financial Supervisory Commission (FSC) created a draft of ten guiding principles for virtual asset service providers (VASPs) to facilitate the formation of self-regulatory rules.
The laws have been imposed since October 2023, under which all the platforms have to apply for a permit and those who don’t apply for a permit or cannot get it have to cease operations as per the initial draft.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.