Ace Exchange, after former CEO Pan Yizhang and lawyer Wang Chenhuan were prosecuted by prosecutors, has announced that a new management team has taken over and that the platform will undergo a rebranding. As part of the rebranding process, there will be a switch in the custodial adjustment of KGI Bank’s trust account. Users are required to withdraw all their Taiwanese assets, and the earliest time for resuming deposits will be in November.
(Previous Summary: FSC fines Ace Exchange 1.52 million for violating anti-money laundering laws: inadequate KYC, lack of transaction monitoring…)
(Background Supplement: Latest Update on the ACE Cryptocurrency Scam: Prosecutors file additional charges against Pan Yizhang and 133 others, requesting heavy sentences.)
Table of Contents:
Ace Exchange’s resumption of deposits to wait until November
Ace Digital Innovation rebrands to RunTong Digital Innovation
Ace Exchange requires full refund of Taiwanese assets
Taipei District Prosecutors’ Office announced the conclusion of the investigation into the 2.2 billion cryptocurrency scam involving Ace Exchange at the end of April this year. They have charged 32 individuals, including the leader of the fraud ring, Lin Genghong, former and current executives of Ace Exchange, Pan Yizhang and Wang Chenhuan, with crimes such as organized crime, fraud, and money laundering. They are seeking over 20 years of imprisonment for the main defendants.
Biggest Case in Taiwan:
Full Timeline of the Ace Exchange Cryptocurrency Scam
After being prosecuted separately by former and current executives, the exchange has new operators. They announced earlier this month that they plan to change the company’s name and conduct maintenance on the deposit system.
According to information obtained by Dynamic Zone from insiders, Ace Exchange has now been acquired by a new team. The name change and resumption of operations are subject to approval by the Financial Supervisory Commission and compliance with KGI Bank’s new trust contract. Therefore, the official suspension of deposits will be extended until November 1, 2024, at 17:00.
The ACE official Chinese community in the group stated:
Meanwhile, according to publicly available company registration documents, the original name, “Ace Digital Innovation Co., Ltd.,” was changed to “RunTong Digital Innovation Co., Ltd.” on October 18, 2024. The registered address has also changed to No. 100, Section 1, Zhongxiao West Road, 10th Floor, and the company’s responsible person was changed to Liao Weizhi at an earlier date.
Another company related to the current CEO Liao Weizhi is AIP 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 a traditional industry and is now retired and financially stable. He decided to buy ACE because he “doesn’t want any exchange in Taiwan to go bankrupt,” causing negative effects on the industry. He sees 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, there is a need to adjust the custodial arrangement of KGI Bank’s trust account. To ensure a smooth transition, users are required to withdraw their Taiwanese assets stored on the platform.
According to today’s (24th) announcement, there will also be adjustments to some functions, as detailed below:
From 14:30 to 15:00 (UTC+8) on October 25, 2024, the system will undergo maintenance, 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
*Grid trading running robots for delisted trading pairs will be closed.
Dollar-Cost Averaging:
BTC/TWD, ETH/TWD
*Pending orders for delisted trading pairs will be closed.
One-Click Buy/Sell:
TWD to BTC, TWD to ETH, TWD to USDT
On October 28, 2024, at 17:00, dual-currency wealth management trading pairs will be delisted.
*Existing orders will not be affected, but new orders cannot be placed after the delisting (the automatic reinvestment strategy will also be stopped after settlement).
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