The former head of Taiwan's leading crypto exchange ACE (ACE Fa Bi Jia Mi Huo Bi Jiao Yi Suo), Pan, and his partner Lin, have been arrested on charges of fraud, money laundering, and violations of the Banking Act. Police seized cash and crypto assets totaling over NT$200 million (approx. US$6.4 million), with estimated total defrauded amount exceeding NT$1 billion over three years. Lin allegedly used social media to promote scam tokens such as MOCT, NFTC, and BNAT, while Pan facilitated their listing on ACE. ACE Exchange issued a statement claiming it cooperated as a witness and that operations remain unaffected. Separately, Taiwan's Financial Supervisory Commission (FSC) fined Hong Han Creative Company NT$500,000 for failing to submit anti-money laundering compliance statements, highlighting tightening regulatory scrutiny on crypto businesses in Taiwan.

The former head of Taiwan's ACE Exchange, along with his partner, was arrested on charges including fraud, money laundering, and banking law violations. Police seized over NT$200 million (approx. US$6.4 million) in illicit proceeds, estimating the total scammed amount over three years to exceed NT$1 billion. The scheme involved promoting 'air coins' (MOCT, NFTC, BNAT) through social media ads and listing them on ACE Exchange, leveraging its brand trust. The exchange responded that it is cooperating as a witness and has delisted the disputed tokens. Separately, another entity, Honghan Creative, was fined NT$500,000 for failing to complete anti-money laundering compliance. This article breaks down the case and offers practical tips for investors to identify exchange listing risks and avoid crypto scams.

The former president of Taiwan's ACE Exchange, surnamed Pan, and his business partner Lin were arrested for fraud, money laundering, and banking law violations. Over three years, they used fake ads on social media to lure over 100 investors into buying scam tokens like MOCT, NFTC, and BNAT, with fraudulent proceeds estimated at over NT$1 billion. Police raided 15 locations, seizing NT$111.52 million in cash and crypto worth NT$108 million, totaling over NT$200 million. ACE Exchange later issued a statement cooperating with the investigation and denying any impact on its operations. Separately, Taiwan's FSC fined Honghan Creative NT$500,000 for failing to comply with anti-money laundering regulations while engaging in crypto activities.

Taiwan's prominent crypto trading platform ACE Fiat-Crypto Exchange saw its former manager, surnamed Pan, and his partner, surnamed Lin, arrested on charges of fraud, money laundering, and violations of banking law. Police seized cash and crypto assets totaling over 200 million NTD from Lin's home and the exchange's office, with estimates that the duo defrauded investors of more than 1 billion NTD over three years. They used social media ads to promote questionable tokens like MOCT, NFTC, and BNAT, leveraging ACE's brand reputation. ACE Exchange later issued a statement clarifying it was cooperating as a witness and had delisted the controversial tokens. In a separate case, the Financial Supervisory Commission fined Hong Han Creative Ltd 500,000 NTD for failing to submit an AML compliance declaration while engaging in virtual currency business.