Taiwanese cryptocurrency exchange Bitgin is under investigation by the country’s police for money laundering.Earlier this week, the company’s chief operating officer Zhang Yuting was appointed, according to local news reports. arrested He was arrested by the Taiwan police on suspicion of participating in the money laundering incident of the “Eighty-Eight Guild Hall”.
Previously, two local businessmen, Guo Zhemin and Tu Chengwen, were accused by the police of using their foreign exchange offices and cryptocurrency trading accounts to launder criminal proceeds obtained through overseas wire transfer fraud, implementing a multi-billion dollar money laundering scheme.Tu Ye defendant By selling video game points overseas, he obtained an export tax rebate of NT$300 million (US$9.28 million) and deceived the national tax authorities.
Taiwan currently does not have an official authorization system for cryptocurrency exchanges. In September, Bitgin joined industry peers to establish a virtual asset service provider preparatory office to self-regulate and lobby political officials. Regarding this incident, Cai Yuling, general counsel of the Taiwan VASP Association, said:
“This time, a member of the preparatory team participated in the investigation of the case. The preparatory team immediately held a meeting and responded publicly. The members involved also took the initiative to suspend participation in the work of the preparatory team.”
In a statement on November 13, the exchange explain Its operations are “normal and user rights will not be affected.” According to Bitgin, Chief Operating Officer Zhang was involved in the money laundering incident of the Eighty-eight Guild Hall from the end of 2021 to March 2022. But Bitgin said Zhang stopped all communication with counterparties after discovering the money laundering allegations.
Currently, Bitgin is fully cooperating with the investigating unit and actively providing all necessary assistance to ensure the smooth progress of the investigation, hoping to find out the facts as soon as possible. “
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