Taiwanese authorities have taken Ace Exchange founder David Pan into custody over allegations of utilizing cryptocurrencies for fraudulent activities.
Reports from Free Times on January 4 indicated that Taipei police conducted raids at various sites, including Ace's headquarters, leading to the arrest of Pan and 14 others. Authorities alleged that these individuals, through false claims related to cryptocurrencies, amassed roughly NT$200 million (equivalent to US$6.4 million at the time).
Ace, in response to the accusations, clarified in a statement posted on X (formerly Twitter) that any suspected unlawful activities were linked to the "token project party" and assured that these incidents wouldn't disrupt the exchange's operations. President Wang Chenhuan stated that Ace intends to delist the MOCT/TWD trading pair, involving one of the tokens implicated in the alleged fraud, by January 8. Wang emphasized the exchange's full cooperation with the investigation, affirming that while some currencies listed in 2019 might have engaged in illegal activities, Ace's involvement was solely as a witness. Dismissing claims of employee involvement, Wang stressed that they were not part of the case.
During the course of the investigation, approximately $3.5 million in cryptocurrency was seized by the Taiwanese police. Those detained, including Pan, reportedly declined to cooperate and were apprehended on suspicion of fraud.
Ace stands as one of Taiwan's prominent cryptocurrency trading platforms, operating alongside MaiCoin and BitoGroup. Established in 2018, the company operates within the evolving regulatory landscape of the country, actively participating in industry associations.
