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Home»ADOPTION NEWS»Taiwan prosecutors seek detention of ACE Exchange chairman
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Taiwan prosecutors seek detention of ACE Exchange chairman

By Crypto FlexsJanuary 24, 20243 Mins Read
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Taiwan prosecutors seek detention of ACE Exchange chairman
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Taiwanese prosecutors today asked a Taipei court to detain ACE Exchange Chairman Chenhuan Wang on money laundering and fraud charges. He was detained earlier this month on charges of orchestrating fraud.

The Taipei District Prosecutor’s Office told The Block that “Mr. Wang is also a partner in a law firm.” Chien Yeh Law Officewas summoned by prosecutors along with four other suspects on Tuesday after police raided several locations across northern Taiwan.

According to the prosecution, after the interrogation, the prosecution applied to the court to detain Wang and four other suspects and limit visitation rights.

Earlier this month, Fan and co-conspirator Lin were accused of working together for three years, using false advertisements on social media to lure investors into investing money in worthless cryptocurrencies, including MOCT. Prosecutors said today that Mr. Wang was allegedly involved in the incident and that the court was expected to decide later today whether to detain him.

After news of Pan’s arrest broke earlier this month, ACE said in a statement: name Pan will cease participating in day-to-day operations in 2022, and Wang will assume the role of president in September 2023. Wang said at the time that he had worked to delist controversial coins since joining the exchange, an ACE spokesperson previously told The. Block the fact that the company cooperated with the investigation as a witness.

ACE said today: name It indicates that the company’s trading and operating conditions remain normal. The company added, “We guarantee the security of user assets, and all services for cryptocurrency and New Taiwan Dollar deposits and withdrawals are operating smoothly.”

Founded in 2018, ACE is one of the largest cryptocurrency exchanges in Taiwan, along with BitoGroup and MaiCoin. ACE said its management complies with the law and “will not tolerate misconduct by anyone.”

ACE did not immediately respond to The Block’s request for further comment.

Chien Yeh Law Offices, where Wang is a partner and head of the office; said Today, it was revealed that the ACE case was Mr. Wang’s ‘personal investment case’ and that another lawyer had taken over the role of Mr. Wang’s office head.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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