VASP Guild Operators in Trouble Former BitAsset Executive Granted Bail Amid Allegations Under CrossStrait Regulations and Others

Yesterday, the Taipei District Prosecutors’ Office, in accordance with the “Act Governing Relations between the People of the Taiwan Area and the Mainland Area,” brought back Hu Zhilong, former head of Asia-Pacific Easy Ant Technology Co., Ltd., for questioning and released him on bail of 200,000 yuan. It is understood that “Xinpai Blockchain,” a subsidiary of China’s Xinpai Media Group, established Asia-Pacific Easy Ant Technology Co., Ltd. in Taiwan in 2018 without the approval of the Investment Review Division of the Ministry of Economic Affairs. The main business of Asia-Pacific Easy Ant Technology Co., Ltd. is operating the “BitAsset” cryptocurrency exchange.
(Previous summary:
ACE virtual currency fraud case: Pan Yizhang denies involvement, claiming that all sales and private placements were led by Lin Genghong, and he was just a professional manager; Wang Chenhuan’s current situation exposed.)
(Background supplement:
Wang Hongwei criticizes Binance as an “international fraud group” and calls on the Ministry of Justice to stop cooperation; Binance clarifies that they have never been fined for fraud.)
The Taipei District Prosecutors’ Office commanded the Taipei City Investigation Division to conduct searches in eight different locations on June 20th, and questioned Hu Zhilong, former head of Asia-Pacific Easy Ant Technology Co., Ltd., and others, on suspicion of violating the “Act Governing Relations between the People of the Taiwan Area and the Mainland Area” and other crimes. After the questioning, Hu Zhilong was released on bail of 200,000 yuan, while the three former company executives related to the case were asked to leave.
Mainland Chinese Capital Establishes BitAsset Exchange in Taiwan without Permission
It is understood that “Xinpai Blockchain,” a subsidiary of China’s Xinpai Media Group, established Asia-Pacific Easy Ant Technology Co., Ltd. in Taiwan in 2018 without the approval of the Investment Review Division of the Ministry of Economic Affairs. The main business of Asia-Pacific Easy Ant Technology Co., Ltd. is operating the “BitAsset” cryptocurrency exchange.
In addition, the investigation found that the first responsible person, Hu Zhilong, deliberately concealed the Chinese background of Asia-Pacific Easy Ant Company and illegally recruited people in Taiwan to use BitAsset for cryptocurrency trading activities.
Xinpai Media Group is an entertainment and film group based in Beijing, China. It invests in various contents and has many artist management contracts. For example, the well-known Chinese costume drama “The Untamed” in 2019 was produced by the company.
Troubles of Taiwanese VASP Operators
On the other hand, the “Taiwan Virtual Currency Business Association” held its first membership 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 Business Operators Who Have Completed AML/CFT Compliance Statements.”
However, despite completing the AML/CFT compliance statements, three operators encountered consecutive problems, including:
Virtual currency exchange BitWell’s responsible person, Zhang Yuting, involved in the 2022 “88 Club Money Laundering Case.”
In January of this year, Pan Yizhang, former and current responsible persons of ACE Exchange, were suspected of virtual currency fraud.
Hu Zhilong, responsible person of Asia-Pacific Easy Ant Technology Co., Ltd. (BitAsset), accused of violating the “Act Governing Relations between the People of the Taiwan Area and the Mainland Area.”


Related Reports
ACE virtual currency fraud mastermind “Lin Genghong” refuses to admit guilt: We are a professional start-up team, not fraud.
ACE Exchange’s Wang Chenhuan’s bail increased to 8 million! Electronic ankle monitor installed, complaining that “all my assets are frozen” and unable to flee.
ACE virtual currency fraud case: Pan Yizhang denies involvement, claiming that all sales and private placements were led by Lin Genghong, and he was just a professional manager; Wang Chenhuan’s current situation exposed.