ACE Exchange (registered as Run Tong Digital Innovation) has not only been reported for employee salary disputes and unpaid user debts, but there are also rumors that the person in charge has urgently switched to Yu Zhi Cheng, the current chairman of Jing Cheng Securities. However, it was later confirmed that this was a misunderstanding, as the two individuals simply share the same name.
(Background: ACE Exchange announced: Due to failure to complete registration, “suspension of VASP business,” users are furious as they cannot access their debts and are preparing to file lawsuits.)
(Background Information: ACE Exchange is embroiled in a scandal of “not providing interest on debts”! Users are angry: there is no customer service, and the CEO has already left the company.)
Update on April 16, 2024: The chairman of Jing Cheng Securities clarified that he is not the current person in charge of ACE Exchange.
After March 31 of this year, ACE Exchange (registered as Run Tong Digital Innovation) was unable to continue operating its virtual asset-related business as it failed to submit its VASP operational registration to the Financial Supervisory Commission (FSC) and will stop cryptocurrency trading and other related activities as required by regulations. Previously, ACE Exchange experienced a wave of employee departures, salary disputes, and users being unable to receive interest on their debt products, with the principal also unable to be redeemed for a long time. Additionally, early users have been unable to withdraw various cryptocurrencies stored within the platform.
There are now new developments: the original operating team of ACE Exchange seems to be undergoing changes again. Now, upon checking the registration information of Run Tong Digital Innovation, it is found that the original responsible person, Zhang Ji, stepped down at the end of last month, and the current person in charge is Yu Zhi Cheng, who is rumored to be the current chairman of Jing Cheng Securities. Subsequently, Dong Qu contacted Jing Cheng, and the chairman clarified that it is merely a case of sharing the same name; the current person in charge of ACE is not Yu Zhi Cheng himself, which is a misunderstanding, and appreciation was expressed for the concern from various quarters.
What should users do if they cannot withdraw their coins?
Previously, dozens of users who subscribed to the long-term debt product for three to five years at ACE realized that they had not received their monthly interest, and to date, the operating team has not provided any explanation. Many users have assets worth hundreds of thousands or even millions of New Taiwan Dollars “stuck,” with some users reporting fraud to the police, while others are consulting lawyers to discuss plans for lawsuits. Additionally, many users have sought assistance from the Bitcoin and Virtual Currency Development Association and legislators.
With the coordination of the association and legislator Ge Ru Jun (Dr. Bao), the FSC has initiated a special task force to assist ACE users in their rights protection.
Lin Hong Yu, the chairman of the Bitcoin and Virtual Currency Development Association (Guo Ke), added for Dong Qu:
Due to ACE Exchange not submitting the VASP registration application by March 31, 2025, as of April 1, it is no longer under the supervision of the FSC. The FSC’s position can only suggest that affected users advocate for their rights and is willing to assist before registration. This should be acknowledged.
However, the current ACE users all used ACE services and subscribed to debt products before March 31, 2025, during which time they were still under the jurisdiction of the FSC, including monitoring information on the inflow and outflow of the exchange’s hot and cold wallets and asset transfers. Perhaps this information could assist in clarifying this case and help users resolve disputes as soon as possible.
FSC Victim Registration Window
[ACE Exchange Victim User Registration]
Please call the FSC project hotline during business hours: 02-27747102, Ms. Xu.
Please inform them: I am a user of ACE Exchange, and I want to register as a victim.
Main information to provide: Name, phone number, email.
As the FSC still needs time to wait for ACE Exchange to propose repayment, the responsible Securities and Futures Bureau is also busy with work. Users should remember that this hotline cannot provide too much consultation.
If users have time, please try to prepare records of bank transfers made to ACE Exchange or TXIDs for on-chain deposits in advance. If there is a need to report a case, basic verification materials can be provided to the investigation team. The assets in the previously seized cold wallets may also be reimbursed to the affected users according to the order of the remittances.
