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 also stated that due to the need to change the brand name, it will simultaneously adjust the binding of the KGI Bank trust account. Users are required to return 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 on Ace Cryptocurrency Scam: Prosecutors add charges against Pan Yizhang and 133 others, seeking heavier penalties.)
Table of Contents
Resumption of Deposits on Ace Exchange to Wait Until November
Ace Digital Innovation Changes Name to Runtong Digital Innovation
Ace Exchange Required to Fully Return Taiwanese Assets
In late April of this year, the Taipei District Prosecutors Office announced the conclusion of its investigation into the 2.2 billion cryptocurrency fraud case involving Ace Exchange. It filed charges against 32 individuals, including Lin Genghong, the head of the fraud ring, as well as the former and current responsible persons of Ace Exchange, Pan Yizhang and lawyer Wang Chenhuan. The main suspects are facing over 20 years in prison.
Largest Case in Taiwan
Tracking the Full Story of Ace Exchange’s Involvement in the Cryptocurrency Fraud
After the former and current responsible persons of Ace Exchange were prosecuted, the exchange also had new operators taking over. They announced plans for a company name change at the beginning of this month and maintenance of the deposit system.
According to information obtained by the DooWoo Zone from insiders, Ace Exchange has been acquired by a new team. However, due to the need for approval from the Financial Supervisory Commission and compliance with KGI Bank’s new trust agreement, it is uncertain whether operations will be resumed. Therefore, the time for suspending deposits has been extended until November 1, 2024, at 17:00.
The official Chinese community of Ace Exchange stated in the group:
Meanwhile, according to publicly available company registration information, the original company named “Wangpai Digital Innovation Co., Ltd.” has changed its name to “Runtong 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 responsible person was changed to Liao Weizhi at an earlier time.
Another source reveals that the current responsible person, Liao Weizhi, is associated with AP New Energy Co., Ltd. and Hongyuan Investment Company.
According to information obtained by the DooWoo 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 stable. He decided to acquire Ace because he “does not want any exchange in Taiwan to collapse,” which would have a negative impact on the industry. He sees it as a fresh challenge.
On the other hand, according to discussions in the Ace user 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 process of the trust account, users are required 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 in 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 closed after the trading pairs are delisted.
Dollar-Cost Averaging:
BTC/TWD, ETH/TWD
*Corresponding DCA orders in progress will be closed after the trading pairs are delisted.
One-Click Buy/Sell:
TWD → BTC, TWD → ETH, TWD → USDT
Dual-Currency Wealth Management trading pairs will be delisted on October 28, 2024 (Monday) at 17:00.
*Existing orders will not be affected, but new orders cannot be placed after delisting (automatic reinvestment strategies will also be stopped after settlement).
Related Reports:
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