Bitgin, a cryptocurrency trade working in Taiwan, is dealing with a police investigation for cash laundering following the arrest of its Chief Working Officer, Yuting Zhang, for his alleged position in a significant cash laundering scandal, native media reported.
Zhang’s affiliation with the ’88 Guild Corridor’ cash laundering incident from late 2021 to March 2022 was additionally confirmed by the crypto trade in an official assertion. The ’88 Guild Corridor’ controversy erupted in Taiwan, exposing a large cash laundering scandal. Two native businessmen, Zhemin Guo and Chengwen Tu, are primarily accused of operating the multi-billion greenback cash laundering community utilizing a community of overseas trade places of work and crypto exchanges.
Within the assertion yesterday (Monday), the trade clarified its operations weren’t affected by the investigation and the arrest. It’s additional cooperating with the investigation, offering vital info to the authorities.
“At current, Bitgin is totally cooperating with the investigating unit and actively offering all vital help to make sure the graceful conduct of the investigation and hopes that the details may be clarified as quickly as potential,” Bitgin said (translated from Mandarin).
A Self-Regulating Business
Cryptocurrency exchanges are usually not formally regulated in Taiwan. Nevertheless, the regionally operated exchanges established a Digital Asset Service Supplier Preparatory Workplace in September for self-regulation of the business. Bitgin can also be a member of the group.
The Normal Counsel of the Taiwan VASP Affiliation, Yuling Tsai, mentioned in an announcement: “This time, a member of the preparatory group was concerned within the investigation case. The preparatory group instantly held a gathering and issued a public response. The members concerned within the case additionally took the initiative to droop participation within the work of the preparatory group.”
Furthermore, the trade confirmed that the COO ceased all communications with counterparties following the fees introduced towards him.
Earlier this 12 months, Taiwan’s Monetary Supervisory Fee launched some stringent guidelines final September that may successfully ban the presence of all unregistered overseas crypto exchanges inside its jurisdiction.
Nevertheless, moderately than bringing a regulatory framework, the regulator inspired the native exchanges on self-regulation.
Other than Bitgin, Taiwan can also be tackling the publicity of its residents to JPEX, which allegedly pulled off Hong Kong’s largest monetary rip-off. The Taiwanese authorities raided the native workplace of JPEX and recognized suspects within the alleged fraud.
Bitgin, a cryptocurrency trade working in Taiwan, is dealing with a police investigation for cash laundering following the arrest of its Chief Working Officer, Yuting Zhang, for his alleged position in a significant cash laundering scandal, native media reported.
Zhang’s affiliation with the ’88 Guild Corridor’ cash laundering incident from late 2021 to March 2022 was additionally confirmed by the crypto trade in an official assertion. The ’88 Guild Corridor’ controversy erupted in Taiwan, exposing a large cash laundering scandal. Two native businessmen, Zhemin Guo and Chengwen Tu, are primarily accused of operating the multi-billion greenback cash laundering community utilizing a community of overseas trade places of work and crypto exchanges.
Within the assertion yesterday (Monday), the trade clarified its operations weren’t affected by the investigation and the arrest. It’s additional cooperating with the investigation, offering vital info to the authorities.
“At current, Bitgin is totally cooperating with the investigating unit and actively offering all vital help to make sure the graceful conduct of the investigation and hopes that the details may be clarified as quickly as potential,” Bitgin said (translated from Mandarin).
A Self-Regulating Business
Cryptocurrency exchanges are usually not formally regulated in Taiwan. Nevertheless, the regionally operated exchanges established a Digital Asset Service Supplier Preparatory Workplace in September for self-regulation of the business. Bitgin can also be a member of the group.
The Normal Counsel of the Taiwan VASP Affiliation, Yuling Tsai, mentioned in an announcement: “This time, a member of the preparatory group was concerned within the investigation case. The preparatory group instantly held a gathering and issued a public response. The members concerned within the case additionally took the initiative to droop participation within the work of the preparatory group.”
Furthermore, the trade confirmed that the COO ceased all communications with counterparties following the fees introduced towards him.
Earlier this 12 months, Taiwan’s Monetary Supervisory Fee launched some stringent guidelines final September that may successfully ban the presence of all unregistered overseas crypto exchanges inside its jurisdiction.
Nevertheless, moderately than bringing a regulatory framework, the regulator inspired the native exchanges on self-regulation.
Other than Bitgin, Taiwan can also be tackling the publicity of its residents to JPEX, which allegedly pulled off Hong Kong’s largest monetary rip-off. The Taiwanese authorities raided the native workplace of JPEX and recognized suspects within the alleged fraud.
