Taiwan's Bitgin cryptocurrency exchange under investigation for money laundering
Bitgin, a cryptocurrency exchange in Taiwan, is being investigated for money laundering by the country's police force. The COO of Bitgin, Yuting Zhang, was arrested for his alleged involvement in the "Eighty-Eight Guild Hall" money laundering incident. Two local businessmen, Zhemin Guo and Chengwen Tu, were previously accused of operating a multi-billion-dollar money laundering scheme using their foreign exchange offices and crypto exchange accounts. Taiwan currently has no official licensing regime for cryptocurrency exchanges, and Bitgin is a member of the Virtual Asset Service Provider Preparatory Office (VASP) for self-regulation and lobbying. Bitgin stated that it is cooperating with the investigation and hopes that the facts can be clarified soon.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
ZA Miner Introduces Free Cloud Mining Platform for Bitcoin and Dogecoin
ZA Miner, a UK-based cloud mining provider, has officially launched a new platform to make cryptocurrency mining more accessible to a broader audience.
OSC Warns of Surge in AI-Driven Crypto Scams as Canadian Fraud Losses Climb to $640 Million
According to the Globe and Mail report, the Ontario Securities Commission (OSC) is raising red flags over a sharp rise in cryptocurrency fraud across Canada, as scammers now weaponize artificial intelligence to swindle unsuspecting investors.
Arkansas City Planning Commission Rejects Crypto Mining Proposal Amid Strong Community Backlash
The Vilonia Planning Commission has unanimously turned down a proposed cryptocurrency mining facility within city limits, following weeks of vocal opposition from residents.
Bitcoin Climbs to $94,000 Driving Market Above $3 Trillion
Trending news
MoreCrypto prices
More
