Taiwanese Prosecutors Investigate ACE Exchange President
Taiwanese prosecutors are expanding their investigation into ACE Exchange and have requested the detention of Chenhuan Wang, the president of the platform. Wang has been accused of money laundering and fraud in connection with alleged fraudulent activities conducted by the company’s founder, David Pan.
ACE Exchange Denies Pan’s Involvement
ACE Exchange responded to Pan’s arrest by stating that he had not been involved in daily operations since 2022, with Wang taking over as president in September 2023. The exchange assured that it was cooperating with the investigation and emphasized the security of user assets and the smooth functioning of its services.
Taiwan to Impose Restrictions on Offshore Crypto Exchanges
Taiwan is planning to impose restrictions on offshore cryptocurrency exchanges operating within its jurisdiction unless they register with the required authorities. The country’s Financial Supervisory Commission (FSC) has drafted guiding principles for virtual asset services providers (VASPs) to establish self-regulatory rules.
Guidelines to Strengthen Virtual Asset Services
The FSC’s guidelines, expected to be released soon, will focus on strengthening information disclosure, establishing review standards for virtual asset listing and delisting, and ensuring the separation and custody of companies’ and customers’ assets. The commission also plans to prohibit illegal business solicitation by foreign crypto firms and mandate registration and compliance with anti-money laundering regulations.
Hot Take: ACE Exchange Faces Investigation
Taiwan’s ACE Exchange is under investigation as prosecutors expand their probe into alleged fraud activities. The platform’s president, Chenhuan Wang, has been accused of money laundering and fraud. ACE Exchange denies the involvement of its founder, David Pan, in daily operations since 2022. Taiwan is planning to impose restrictions on offshore crypto exchanges unless they register with the required authorities. The country’s Financial Supervisory Commission (FSC) has drafted guidelines to strengthen virtual asset services and ensure compliance with regulations.
By
By
By
By
By