Ace Exchange, after its former and current executives Pan Yizhang and lawyer Wang Chenhuan were prosecuted by prosecutors, has announced that a new management team has taken over the platform. They also stated that due to the need to change the brand name, they will simultaneously adjust the binding of the KGI Bank trust account. Users are required to return all Taiwanese assets before they can resume depositing funds, with the earliest possible time being November.
(Previous summary:
FSC fines Ace Exchange 1.52 million for violating anti-money laundering laws: failure to conduct proper KYC, lack of transaction monitoring…)
(Supplementary background:
Latest update on ACE cryptocurrency fraud case: Prosecutors file additional charges against Pan Yizhang and 133 others, seeking heavier penalties.)
Table of Contents:
Ace Exchange’s ability to resume fund deposits will have to wait until November.
Ace Digital Innovation changes its name to Run Tong Digital Innovation.
Ace Exchange needs to fully refund Taiwanese assets.
In late April of this year, the Taipei District Prosecutors Office announced the end of its investigation into the 2.2 billion cryptocurrency fraud case involving Ace Exchange. They pressed charges against 32 individuals, including the head of the fraud ring, Lin Genghong, former and current executives of Ace Exchange, Pan Yizhang and lawyer Wang Chenhuan, for crimes such as organized crime, fraud, and money laundering. They also sought sentences of more than 20 years for the four main suspects.
Largest case in Taiwan》
Complete timeline of Ace Exchange’s involvement in the cryptocurrency fraud case
After the former and current executives were prosecuted, the exchange saw the arrival of new operators, who announced plans to change the company’s name at the beginning of this month and conduct maintenance on the fund deposit system.
According to information obtained by Dynamic Zone from insiders, Ace Exchange has now been acquired by a new team. However, the resumption of operations depends on the approval of the Financial Supervisory Commission and the cooperation with the new trust agreement of KGI Bank. Therefore, the official announcement states that the suspension of fund deposits will be extended until November 1, 2024, at 17:00.
The ACE Chinese official community has stated in its group that…
According to publicly available company registration records, the original name “Ace Digital Innovation Co., Ltd.” was changed to “Run Tong Digital Innovation Co., Ltd.” on October 18, 2024. The registered address has been changed to No. 100, Section 1, Zhongxiao West Road, 10th Floor, and the company’s representative has been changed to Liao Weizhi at an earlier time.
On the other hand, current operator Liao Weizhi has connections with AP New Energy Co., Ltd. and Hongyuan Investment Co., Ltd.
According to information obtained by Dynamic Zone from insiders, the new owner behind ACE is an honest businessman who used to work in traditional industries and is now retired and financially well-off. He decided to buy ACE because he “doesn’t want any exchange in Taiwan to go under,” which would negatively impact the industry, and sees it as a fresh challenge.
On the other hand, according to discussions among ACE users in the community, due to the renaming of ACE Exchange, there is a need to adjust the binding of the KGI Bank trust account. To ensure a smooth conversion process, users are required to return their Taiwanese assets deposited on the platform.
According to today’s (24th) announcement, there will also be adjustments to some functions, as follows:
From 14:30 to 15:00 (UTC+8) on October 25, 2024 (Friday), system maintenance will be conducted, and some trading pairs will be removed from the spot market:
Spot market:
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, XRP/TWD
*Corresponding grid trading running robots will be turned off after the trading pairs are removed.
Dollar-cost averaging:
BTC/TWD, ETH/TWD
*Corresponding orders in progress will be closed after the trading pairs are removed.
One-click trading:
TWD to BTC, TWD to ETH, TWD to USDT
Dual-currency wealth management trading pairs will be removed from trading at 17:00 on October 28, 2024.
*Existing orders will not be affected, but new orders cannot be placed after delisting (automatic reinvestment strategies will also be suspended after settlement).
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