2024

David Vance

April

Update April 11, 07:15 am UTC: This article has been updated to include a quote from Ace Exchange denying reports that the platform operates multiple franchise stores.
Prosecutors in Taiwan are taking action against David Pan, the founder of Ace Exchange, a local cryptocurrency trading platform.
According to an official statement by prosecutors, Pan was <a href="https://www.tcc.moj.gov.tw/media/354574/%E8%87%BA%E4%B8%AD%E5%9C%B0%E6%AA%A2%E7%BD%B2%E5%81%B5%E8%BE%A6%E7%8E%8B%E7%89%8C-ace-%E7%AD%89%E5%85%AC%E5%8F%B8%E6%B6%89%E5%AB%8C%E6%B4%97%E9%8C%A2%E7%AD%89%E6%A1%88%E4%BB%B6-%E7%B6%93%E6%AA%A2%E5%AF%9F%E5%AE%98%E5%81%B5%E6%9F%A5%E7%B5%82%E7%B5%90%E6%8F%90%E8%B5%B7%E5%85%AC%E8%A8%B4.pdf?mediaDL=true" target="_blank" rel="noopener nofollow">indicted</a> alongside six other suspects on April 8. Prosecutors charged him with money laundering and fraud, which led to losses of 340 million New Taiwan dollars ($10.6 million).
The Taipei City police previously <a href="https://cointelegraph.com/news/founder-ace-exchange-arrested-fraud">arrested Pan and 14 others</a> allegedly involved in the case in January 2024 following raids on several locations, including Ace’s headquarters.
The prosecution found that Pan was one of the persons affiliated with the fraudulent cryptocurrency wallet service referred to as “Alfred” or “Afu wallet” and a related crypto card.
According to prosecutors, the persons defrauded customers by offering a service based on a classic high-reward promise model through offline over-the-counter exchange and fake investment groups. 
After depositing funds, the defrauded investors could not withdraw their funds or found their accounts blocked.
A Taiwanese court reportedly ruled that the defendant’s property should be seized, with some confiscated assets amounting to at least 3.5 million NT$, or $110,000.
In response to the indictment, Ace Exchange <a href="https://ace.io/news/1466" target="_blank" rel="noopener nofollow">published</a> a statement on April 8, reiterating that Pan and his fraudulent activity had nothing to do with the platform, as he reportedly <a href="https://www.cryptotimes.io/2024/01/24/taiwan-prosecutors-seek-ace-exchange-heads-detention/" target="_blank" rel="noopener nofollow">ceased</a> to be involved in day-to-day operations in 2022.
Related: <a href="https://cointelegraph.com/news/binance-ban-philippines-sec-fund-retrieval-investors">Philippines SEC ‘can’t endorse’ ways to retrieve funds after Binance ban</a>
“The wallet product was developed by a third-party team entrusted by the former director Pan and is not a product or service launched by Ace Exchange,” the firm emphasized. It added that Ace was cooperating with local authorities. 
The exchange stated the following:
<blockquote data-ct-non-breakable="true">
 “Please rest assured that the trading and operating conditions of Ace Exchange are normal. We ensure the security of user assets, and deposit and withdrawal services for all cryptocurrencies and New Taiwan dollars operate smoothly.”
</blockquote>
Ace Exchange also denied reports alleging that the platform operates multiple franchise stores and facilitates cash transactions of cryptocurrencies through ATMs. 
“We want to categorically state that Ace Exchange has never established franchise stores, nor have we engaged in any services involving cash transactions of cryptocurrencies,” a spokesperson told Cointelegraph.
Ace Exchange is a lesser-known centralized crypto exchange based in Taiwan. According to data from CoinMarketCap, the platform was <a href="https://coinmarketcap.com/exchanges/ace/" target="_blank" rel="noopener nofollow">launched</a> in late 2018 and trades around $14 million per day.
<a href="https://tradersunion.com/brokers/crypto/view/ace_exchange/" target="_blank" rel="noopener nofollow">According</a> to data from Traders Union, Ace Exchange should be considered a “high-risk cryptocurrency exchange” with a trust score of 2.78 out of 10.
Magazine: <a href="https://cointelegraph.com/magazine/google-sues-crypto-app-scammers-crypto-com-korea-asia-express/">Google sues crypto app scammers, Crypto.com in Korea: Asia Express</a>

Taiwan’s Ace Exchange founder indicted in $10.6M fraud case

Cointelegraph

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