Taiwanese Prosecutors Request Detention of ACE Exchange President on Money Laundering and Fraud Charges
Taiwanese prosecutors have asked a Taipei court to detain Chenhuan Wang, the president of ACE Exchange, on suspicion of money laundering and fraud. This request comes after the company’s founder, David Pan, was arrested earlier this month for allegedly orchestrating fraud.
Prosecutors Summon Wang and Four Other Suspects
The Taipei District Prosecutors Office summoned Wang, along with four other suspects, for questioning following police raids across Northern Taiwan. After the interrogation, the prosecutors filed a request with the court to detain Wang and restrict his visitation rights.
Wang Allegedly Involved in Fraud Case
The prosecutors stated that Wang is allegedly involved in the fraudulent activities linked to Pan and another co-conspirator. A court will decide on his detention later today.
ACE Exchange Clarifies Pan’s Role
When news of Pan’s arrest broke, ACE Exchange clarified that Pan had stopped participating in daily operations in 2022, with Wang assuming the role of president in September 2023. ACE had previously stated that it was assisting the investigation as a witness.
ACE Assures Normal Operations
In a statement, ACE Exchange assured users that its trading and operational conditions remain normal. The company emphasized its commitment to user asset security and the smooth functioning of cryptocurrency deposit and withdrawal services.
About ACE Exchange
Established in 2018, ACE Exchange is one of Taiwan’s largest crypto exchanges alongside BitoGroup and MaiCoin. The exchange’s management team emphasizes adherence to legal regulations and zero tolerance for misconduct.
Closure: Hot Take – Taiwanese Prosecutors Target ACE Exchange’s President in Money Laundering and Fraud Case
Taiwanese prosecutors have escalated their investigation into ACE Exchange by requesting the detention of its president, Chenhuan Wang. The charges of money laundering and fraud follow the arrest of the company’s founder, David Pan. This latest development further implicates Wang in the alleged fraudulent activities. ACE Exchange, however, maintains that its operations are unaffected, assuring users of the security of their assets and the smooth functioning of services. As one of Taiwan’s major crypto exchanges, ACE Exchange faces a significant challenge in rebuilding trust among its users amidst this legal turmoil.
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