Yesterday, the Taipei District Prosecutors’ Office summoned the head of Asia Pacific Yiante Technology Co., Ltd., Hu Zhilong, in accordance with the “Taiwan and Mainland China Relations Act.” After the interrogation, Hu Zhilong was released on a bail of 200,000 yuan. It is understood that the subsidiary of China’s New Pal Block Chain under the New Pal Media Group, without the approval of the Ministry of Economic Affairs Investment Review Department, established Asia Pacific Yiante Technology Co., Ltd. in Taiwan in 2018. The main business of Asia Pacific Yiante Technology Co., Ltd. is to operate the “BitAsset” cryptocurrency exchange.
The Taipei District Prosecutors’ Office commanded the Taipei City Investigation Division to conduct searches in 8 locations yesterday, and summoned Hu Zhilong, the head of Asia Pacific Yiante Technology Co., Ltd., and others, on suspicion of offenses under the “Taiwan and Mainland China Relations Act.” After the interrogation, Hu Zhilong was released on a bail of 200,000 yuan, while the three former company executives related to the case were sent back.
It was found that Hu Zhilong deliberately concealed the Chinese background of Asia Pacific Yiante Company and illegally solicited the public in Taiwan to use BitAsset for cryptocurrency trading activities.
New Pal Media Group is an entertainment and film and television group in Beijing, with investments and many artist management contracts. For example, the well-known Chinese costume drama “The Untamed” in 2019 was produced by the company.
Taiwan’s VASP operators have encountered consecutive incidents.
On the other hand, the “Republic of China Virtual Currency Business Industry Association” in Taiwan held its inaugural general meeting on June 13th, with a total of 24 operators who have completed the Financial Supervisory Commission’s “List of Virtual Currency Platforms and Trading Businesses that Have Completed Anti-Money Laundering Compliance Statements” becoming members.
However, despite completing the anti-money laundering compliance statements, three operators have encountered consecutive incidents, including:
Virtual currency exchange BitoEX’s responsible person Zhang Yuting involved in the 2022 88 Mansion money laundering case.
In January this year, ACE Exchange’s former and current responsible persons Pan Yizhang and Wang Chenhuan were involved in a virtual currency fraud case.
Hu Zhilong, the head of Asia Pacific Yiante Technology Co., Ltd. (BitAsset), is suspected of violating the “Taiwan and Mainland China Relations Act.”
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ACE virtual currency fraud case: Pan Yizhang clarifies that sales and private placements were all led by Lin Genghong, and I am just a professional manager. Wang Chenhuan’s current situation exposed.