ACE Exchange President Faces Likely Detention in Taiwan

• Taiwanese prosecutors have filed to detain the ACE Exchange president.
• The development follows the arrest of the ACE Exchange founder earlier in January.
• The prosecutors alleged that the president and the founder were linked to a fraud case.

ACE Exchange president Chenhuan Wang might be detained in Taiwan without visitation rights as investigations into his alleged involvement in fraud and money laundering widen.

Wang’s run-in with the law comes after the Taipei City police recently arrested Ace Exchange founder David Pan alongside 13 other individuals for allegedly running a fraud scheme that yielded $6.4 million in illegal gains.

Following Pan’s arrest, the exchange clarified that the former founder had ceased to be involved in its day-to-day operations in 2022, prompting Wang to assume a top leadership role at ACE.

Prosecutors Close in on Chenhuan Wang

While Wang asserted that he had focused on delisting controversial coins from ACE’s list ever since joining the exchange, Taiwanese prosecutors believe the executive might be up to something sinister.

On January 24, following multiple police raids across Northern Taiwan, the Taipei District Prosecutors Office summoned Wang and four other individuals for interrogation. Afterward, the prosecutors filed a request with the court to detain Wang and the four suspects for their alleged involvement in Pan’s case.

The prosecutors alleged earlier that Pan and a co-conspirator surnamed Li collaborated for three years, using false social media advertisements to dupe investors into buying “worthless cryptocurrencies,” including MOCT.

When the news of Wang’s interrogation and likely detention emerged, Chien Yeh Law Offices, where the executive served as the partner in charge and office head, distanced itself from the case, stating that it was Wang’s “personal investment affair.”

Another attorney has since taken Wang’s role in the law firm.

Read about Taiwan’s plan to tighten crypto regulation guidelines:
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