According to the updated list of compliant virtual currency operators by the Financial Supervisory Commission, CoinWorld has also been removed on the 8th. The official statement indicated that this was a voluntary termination of business.
(Background: Did the Financial Supervisory Commission ask Line to remove “all cryptocurrency groups”? Regulatory authority: It’s a rumor)
(Additional context: CoinIdea Technology has been delisted by the Financial Supervisory Commission! Following a financial investigation, its compliance qualification was revoked, making it impossible to continue operations)
* Updated at 14:20 on the 8th: CoinWorld posted a statement.
Following the removal of “CoinIdea Technology,” which claimed to be the largest physical cryptocurrency chain store in Taiwan, from the list of compliant virtual currency operators by the Financial Supervisory Commission on May 7, today (the 8th), the Commission updated the operator list again, removing CoinWorld International Consulting Management Company from the anti-money laundering registration list, meaning it is no longer a compliant virtual currency operator in the country.
Recently, CoinIdea Technology has attracted the attention of the Financial Supervisory Commission due to allegations of fraud and money laundering. Commission Chairman Peng Jinlong stated at the end of April that he had dispatched colleagues from the inspection bureau to conduct financial audits. CoinWorld, which operates several physical stores across various counties and cities, has now also been removed from the compliance list.
Earlier, CoinWorld had submitted an anti-money laundering registration application to the Financial Supervisory Commission at the end of March. Now that it has been removed from the operator list, CoinWorld posted a statement on its official social media page, stating:
“In recent years, with the intensifying market changes and the continuous emergence of operators involved in illegal activities, a large number of users have begun to flock to our stores, including some attempting to break through the blockade. Some stores have even received threats demanding the cancellation of risk control mechanisms, or else they would face adverse consequences.”
“After a comprehensive and prudent assessment of risks and resource allocation, we chose to proactively apply to the regulatory authority for the termination of our business, and the announcement procedure has been completed. Since the day the application was submitted, our company has ceased to provide any virtual currency trading services.”
Key Points from Financial Supervisory Commission’s Financial Inspection
The Financial Supervisory Commission emphasized that all operators engaged in virtual asset business within Taiwan must complete anti-money laundering law compliance registration. Chairman Peng Jinlong previously stated that following the CoinIdea Technology incident, there will be stricter reviews of VASP-related licenses and operational qualifications in the future. This month, the focus of the special financial inspections on cryptocurrency operators will center on five key points:
- Anti-Money Laundering (AML): Assess whether operators effectively implement anti-money laundering regulations.
- Countering the Financing of Terrorism (CFT): Evaluate measures taken by operators to prevent the financing of terrorist activities.
- Counter-Proliferation Financing (CPF): Verify whether operators comply with regulations to prevent the financing of the proliferation of weapons of mass destruction.
- Consumer Protection: Examine whether operators have adequate mechanisms to protect customer rights and interests.
- Fraud Prevention Measures: Assess operators’ capabilities in preventing and handling fraud incidents.
With CoinIdea Technology and CoinWorld now removed from the list, it implies that both operators’ physical stores and online channels should no longer provide services such as trading or custody of cryptocurrencies to customers.
