Ace Exchange, after its former CEO Pan Yizhang and lawyer Wang Chenhuan were prosecuted by prosecutors, has announced that a new management team will take over the platform. They have 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 must first return all their Taiwanese assets, and the earliest time to resume deposits will be in November.
(Background:
FSC fines Ace Exchange 1.52 million for violating anti-money laundering laws: failure to conduct proper KYC, lack of transaction monitoring…)
In April of this year, the Taipei District Prosecutors Office announced the conclusion of its investigation into the 2.2 billion garbage coin fraud case involving Ace Exchange. They filed charges against 32 individuals, including the head of the fraud ring, Lin Genghong, and the former and current responsible persons of Ace Exchange, Pan Yizhang and lawyer Wang Chenhuan, for offenses such as organized crime, fraud, and money laundering. They sought sentences of more than 20 years in prison for the main suspects.
Ace Exchange’s operations have been taken over by a new management team after its former and current responsible persons were prosecuted. The exchange announced its plan to change the company name earlier this month and has been maintaining its deposit system.
According to information obtained by Dynamic Zone from insiders, Ace Exchange has been acquired by the new team. However, in order to resume operations, they need to pass the examination of the Financial Supervisory Commission and comply with the new trust contract with KGI Bank. Therefore, the current suspension of deposits will be extended until November 1, 2024, at 17:00.
The ACE official Chinese community in the group stated:
According to publicly available company registration data, the original name “Ace Digital Innovation Co., Ltd.” has been renamed “Run Tong Digital Innovation Co., Ltd.” on October 18, 2024. The registered address has changed to No. 100, Section 1, Zhongxiao West Road, 10th Floor, and the company’s responsible person was changed to Liao Weizhi earlier.
On the other hand, the current responsible person Liao Weizhi is associated with AP New Energy Co., Ltd. and Hongyuan Investment Co., Ltd.
According to information obtained by Dynamic Zone from insiders, the main investor behind ACE is an honest businessman who has retired from traditional industries and is financially secure. They decided to acquire ACE because they “do not want any exchange in Taiwan to collapse,” causing negative effects on the industry. They view 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 binding adjustment of the KGI Bank trust account needs to be synchronized. To ensure a smooth conversion of the trust account, users need to return their Taiwanese assets stored on the platform.
According to today’s announcement, there will also be adjustments to some functions. The details are 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 delisted:
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 shut down after the trading pairs are delisted.
Dollar-cost averaging:
BTC/TWD, ETH/TWD
*Corresponding ongoing orders for dollar-cost averaging will be closed after the trading pairs are delisted.
One-click trading:
TWD → BTC, TWD → ETH, TWD → USDT
Dual-currency wealth management trading pairs will be delisted from 17:00 on October 28, 2024 (Monday).
*Existing orders will not be affected, but new orders cannot be placed after delisting (automatic reinvestment strategies will also be stopped after settlement).
In related news:
Reversal! ACE cryptocurrency fraud case main suspects Pan Yizhang, Lin Ruohao, and Lin Genghan “released on bail but changed to detention.”
Latest update on ACE cryptocurrency fraud case: Additional prosecution of 133 individuals, including Pan Yizhang (102 new business personnel and 4 branch presidents), requesting heavier punishments.
Latest update on ACE cryptocurrency fraud case: Main suspects Pan Yizhang, Lin Ruohao, and others released on bail with heavy bail of 58 million yuan, wearing electronic ankle bracelets.