Ace cryptocurrency exchange is facing a change in management following the prosecution of its former and current executives, Pan Yizhang and lawyer Wang Chenhuan. The platform has announced that it will change its brand name and simultaneously adjust the binding of its custodial account with KGI Bank. Users are required to return all their Taiwanese assets and the earliest time for resuming deposits will be in November.
Background:
The Financial Supervisory Commission (FSC) fined Ace cryptocurrency exchange 1.52 million NTD for violating anti-money laundering laws, including inadequate Know Your Customer (KYC) procedures and lack of transaction monitoring.
Summary:
Ace cryptocurrency exchange needs to wait until November to resume deposits.
The company is changing its name from “Ace Digital Innovation” to “Runtong Digital Innovation.”
Users of the exchange are required to fully return their Taiwanese assets.
In April, the Taipei District Prosecutors Office announced the conclusion of its investigation into the 2.2 billion NTD cryptocurrency fraud case involving Ace cryptocurrency exchange. The office charged 32 individuals, including Lin Genghong, the head of the fraud group, and former and current executives of Ace cryptocurrency exchange, Pan Yizhang and lawyer Wang Chenhuan. The main suspects face more than 20 years of imprisonment.
The largest case in Taiwan:
A complete timeline of the Ace cryptocurrency exchange fraud case.
After the former and current executives were prosecuted, the exchange has new operators. They announced plans to change the company’s name and have been maintaining the deposit system since the beginning of this month.
According to information obtained by DOU, Ace cryptocurrency exchange has been acquired by a new team. However, the process of changing the name and obtaining approval from the Financial Supervisory Commission, as well as the new custodial contract with KGI Bank, will determine whether the exchange can resume operations. Therefore, the official announcement states that the suspension of deposits will be extended until November 1, 2024, at 17:00.
The ACE official Chinese community stated in the group:
According to public company registration records, the original name “Ace Digital Innovation Co., Ltd.” has been changed to “Runtong Digital Innovation Co., Ltd.” on October 18, 2024. The registered address is now 10th floor, No. 100, Section 1, Zhongxiao West Road, and the company’s responsible person was changed to Liao Weizhi earlier.
On the other hand, the current executive Liao Weizhi is associated with AP New Energy Co., Ltd. and Hongyuan Investment Co., Ltd.
According to information obtained by DOU, the new owner behind ACE is an honest businessman who used to work in traditional industries and is now retired and financially stable. He decided to acquire ACE because he “doesn’t want any exchange in Taiwan to go bankrupt” and sees it as a fresh challenge.
On the other hand, according to discussions among ACE users in the community, due to the name change of ACE Exchange, the custodial account with KGI Bank needs to be adjusted. To ensure a smooth transition of the custodial account, users are required to return their Taiwanese assets deposited on the platform.
Today’s announcement also includes adjustments to certain functions:
From 14:30 to 15:00 (UTC+8) on October 25, 2024, the system will undergo maintenance, and certain trading pairs will be removed from the spot market, including ADA/TWD, APE/TWD, ARB/TWD, BNB/TWD, BONK/TWD, BTC/TWD, DOGE/TWD, DOT/TWD, ETH/TWD, FTM/TWD, GALA/TWD, LTC/TWD, POL/TWD, SAND/TWD, SHIB/TWD, SOL/TWD, SSV/TWD, TRX/TWD, USDC/TWD, USDT/TWD, WOO/TWD, and XRP/TWD. The corresponding grid trading robots will be disabled after the trading pairs are removed.
Regarding the ACE cryptocurrency fraud case:
Reversal! Main suspect Pan Yizhang, Lin Ruocuo, and Lin Genghan had their bail revoked and were taken into custody.
The ACE cryptocurrency fraud case: Additional prosecution of 133 individuals, including Pan Yizhang (102 new business members and 4 branch presidents), requesting heavy sentences.
The ACE cryptocurrency fraud case: Main suspects Pan Yizhang, Lin Ruocuo, and others released on bail with a high bail amount of 58 million NTD, with electronic ankle monitors.