After Being Involved in Alleged Fraud and Money Laundering Cases, Bitoo Technology is Removed from the Compliance Operators List by the Financial Supervisory Commission
Previously, the local exchange “Bitoo Technology” was involved in a fraud case exceeding one hundred million, with the responsible person and two others being ordered to detention.
Background: 33 stores of Bitoo Technology were searched! Seven individuals, including the responsible person, were taken into custody for violating anti-money laundering regulations.
The previously claimed largest physical cryptocurrency chain store in Taiwan, “Bitoo Technology,” has attracted the attention of the Financial Supervisory Commission (FSC) due to its alleged involvement in fraud and money laundering. FSC Chairman Peng Jinlong stated at the end of April that staff from the inspection bureau had been dispatched to conduct audits and financial inspections.
Notably, in a recent development, on the 7th of this month, the list of operators authorized to provide services on the FSC’s Securities and Futures Bureau website for “Businesses Providing Virtual Asset Services” has been reduced to 20, with Bitoo Technology being removed from the list. This means that Bitoo’s current physical stores and online channels are no longer permitted to offer transaction, custody, or related services to customers.
