Binance’s Financial Crimes Compliance Department recently collaborated with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office on a significant cryptocurrency-assisted money laundering case involving nearly NT0 million (approximately US million). The criminal operation had been laundering money through virtual assets by creating fake customer records and forged identity data. Law enforcement […]
Bitcoin News
Binance Aids Taiwan in Busting $6M Crypto Money Laundering Ring
Binance’s Financial Crimes Compliance Department recently collaborated with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office on a significant cryptocurrency-assisted money laundering case involving nearly NT0 million (approximately US million). The criminal operation had been laundering money through virtual assets by creating fake customer records and forged identity data. Law enforcement […]
Bitcoin News
Taiwan Acknowledges Binance for Cooperating With Domestic Law Agencies
The government of Taiwan has acknowledged the cooperation Binance has offered to domestic law enforcement agencies. According to local reports, Binance is the only offshore exchange that assists the government in dealing with virtual asset fraud cases, allowing authorities to access the accounts involved in these actions and deposit the assets derived from these schemes. […]
Bitcoin News
Report: Taiwan Police Arrest Crypto Exchange Bosses Accused of Fraud
The police in Taiwan recently arrested two individuals who are accused of deceiving 100 investors into buying fake virtual currencies. The police also apprehended 14 other participants in the fraud scheme and recovered more than million in both cash and virtual currencies.
Worthless Virtual Currencies
Taiwanese police recently arrested two executives of what has been described as one of the region’s largest cryptocurrency exchanges, ACE Exchange. The arrests followed an investigation which concluded that the duo had helped trick 100 individuals into buying “worthless virtual currencies.”
According to a Liberty Times Net report, Lin Nan, one of the executives, used the promise of quick riches to lure unsuspecting people into investing. Lin Nan’s alleged accomplice, Pan Nan, reportedly listed the fake virtual currencies on ACE to boost their credibility. The duo was able to perpetrate the scam for three years before law enforcement agencies caught up.
In addition to arresting the duo, police also apprehended 14 individuals at 15 locations spread across Taipei, New Taipei, and Taichung. A raid on Lin Nan’s residence saw the police recover more than .6 million (111.52 million yuan) in cash and virtual currency worth just over .4 million. The Taiwanese police estimate the total value losses associated with Lin Nan and Pan Nan’s fraud scheme at over million.
After their interrogations, Lin Nan, Pan Nan, and the 14 other individuals were taken into custody. They are set to be charged under the region’s Criminal Code, the Money Laundering Prevention Act, and the Banking Act.
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Report: Taiwan Law Enforcement Seize Over 320 Million USDT From Alleged Money Launderer
Taiwanese law enforcement recently revealed the seizure of more than 320 million USDT stablecoins from an alleged money launderer. The seizure has been described as Taiwan’s largest bust ever from a single individual.
Lamborghini and a Lexus Seized
Taiwan’s law enforcement recently said it nabbed the four individuals behind what is being described as the region’s “largest virtual currency money laundering syndicate.” In a statement, the region’s law enforcement bodies said one of those arrested who is only identified as Qiu is said to have laundered more than 320 million USDT stablecoins. Three more individuals were also arrested alongside Qiu, the statement added.
According to a local language report, the now-seized funds relate to an investment fraud case operated by Qiu which was uncovered back in October 2022. However, despite the unmasking fraud scheme, law enforcement agents did not immediately arrest Qiu who is said to have frequently travelled to Malaysia and other South East Asian countries.
However, it was upon his return to Taiwan in June 2023 that agents finally detained Qiu and his accomplices and seized their mobile phones. As stated in the report, officials only discovered the extent of Qiu’s money laundering activities after they examined the accused’s mobile phones. As per the report, the value of the virtual currency during the raid on Qiu is believed to be the highest amount ever seized from one individual.
Besides the virtual currency, Taiwanese law enforcement is reported to have recovered two vehicles, a Lamborghini URUS and a Lexus LM luxury from Qiu’s residence. Laptops, credit cards, drugs, and three expensive watches were also seized.
Meanwhile, prosecutors from the Taichung District Prosecutor’s Office are said to have set Qiu’s bail at just over ,000 and 0 for one of his accomplices.
What are your thoughts on this story? Let us know what you think in the comments section below.
Report: More Than 50 Virtual Currency Platform Operators Want to Join the Taiwan Market
About 52 virtual currency operators have shown interest in joining Taiwan’s financial market, the Financial Supervisory Commission has said. The commission also said that it is planning to announce the region’s first virtual asset management guiding principles sometime in September.
Virtual Asset-Specific Laws
Taiwan’s Financial Supervisory Commission (FSC) recently revealed that some 52 virtual currency operators have expressed interest in joining the Taiwanese financial market. According to the regulator, some of these operators have processed the legal documents on money laundering prevention while others have yet to complete this step.
As explained in one local report, the FSC made these revelations during a public hearing conducted by a local legislator Guo Guow. In addition, the regulator also revealed that it is planning to announce sometime in September the first virtual asset management guiding principles.
The report also suggested that authorities in the region have however not ruled out setting up laws specific to virtual assets. Yet, before such laws are enacted, virtual assets will reportedly be regulated under the Money Laundering Prevention Act. As per the report, operators that fail to abide by the anti-money laundering laws face fines that range between ,000 and .38 million.
However, the report said under the current guidelines, aggrieved virtual asset investors cannot lodge complaints against operators with the Financial Review Center. Nevertheless, the FSC said it will still attempt to protect virtual asset users via other methods at its disposal. Some of these methods include asking operators to separate their assets from users’ funds.
Meanwhile, Huang Houming, deputy director of the Securities and Futures Bureau, said after the guiding principles are released later this month, operators will be encouraged to establish associations and self-regulate.
What are your thoughts on this story? Let us know what you think in the comments section below.
Vitalik Buterin Granted Taiwan Employment Gold Card
Ethereum founder Vitalik Buterin has received a permit that will allow him to legally reside and work in Taiwan. Speaking at a meeting with the country’s minister of digital affairs, Buterin said that the card will make it easier for him to visit the island nation and its Ethereum community.
Taiwan’s Digital Minister Presents Buterin With Kuai Kuai Snacks and Work Permit
Authorities in Taipei have granted Vitalik Buterin, a leading figure in the crypto space, a Taiwan Employment Gold Card, local media revealed, quoting the country’s ministry responsible for digital development.
The Russian-Canadian programmer, best known for co-founding ethereum (ETH), the cryptocurrency with the second-largest market capitalization after bitcoin (BTC), was received this week by Taiwan’s Minister of Digital Affairs, Audrey Tang.
During the meeting, the crypto entrepreneur remarked that Taiwan is home to a robust Ethereum community. He also noted that the card will allow him to visit the island more easily in the future, the Taiwanese FTV channel reported.
The government official spoke with Buterin in Chinese, taught him an old Taiwanese song and presented him with Kuai Kuai snacks. People in Taiwan often put snacks of this brand next to machines and devices due to a popular belief that this will ensure their error-free operation.
The Taiwanese government launched the Gold Card program in 2018, hoping to attract highly qualified specialists from various priority sectors of the economy. The card gives holders the right to live and work in the country for up to three years.
Buterin was born in 1994 in the small Russian city of Kolomna, Moscow Oblast, but when he was six his family moved to Canada where he grew up. In 2013, at just 19 years of age, he developed the concept for the Ethereum cryptocurrency which was launched in 2015.
In 2021, when the price of ETH exceeded ,000 per coin during the latest crypto boom, Vitalik Buterin was named the world’s youngest cryptocurrency billionaire by Forbes magazine. He was only 27 years old at the time.
In April 2022, Buterin became a citizen of crypto-friendly Montenegro. He was granted the citizenship as part of efforts by the government in Podgorica to attract investments and develop the blockchain sector of the small Southeast European nation.
Do you think Vitalik Buterin will visit Taiwan more frequently with the Gold Card and get involved deeper with the development of the country’s crypto sector? Tell us in the comments section below.
TSMC Advances Towards 2-Nanometer Chips in Taiwan; A Breakthrough That Could Revolutionize Bitcoin Mining
Taiwan Semiconductor Manufacturing Co. (TSMC) is taking bold strides toward the future of semiconductor technology, planning to manufacture next-generation 2-nanometer (nm) chips at a new plant in Kaohsiung, Taiwan. Reports detail that the date for mass production remains undecided, with the company also targeting Hsinchu County in northern Taiwan for 2nm production by 2025.
Kaohsiung to Become TSMC’s Second Hub for 2nm Chips; Mayor Commits Support for Billion Initiative
This latest development follows the recent discovery of Samsung’s 3nm chips being used in a commercial setting, a milestone in the industry. TSMC’s 2nm chips, boasting processing speeds 10% to 15% faster than their 3nm counterparts, could significantly transform industries like artificial intelligence (AI) and bitcoin (BTC) mining.
Nikkei reports that the Kaohsiung plant, currently under construction, will be the second hub for these advanced semiconductors, following Hsinchu county. The decision comes after a board meeting on Tuesday, where the company allocated roughly billion for capital investments in Taiwan, with a portion going toward the Kaohsiung facility.
The company’s plans reflect a shift in focus, as it originally intended to produce older legacy semiconductors in Kaohsiung. However, a change in plans was considered following the flagging demand for computer chips, which started after the pandemic. The new venture towards 2nm chips aligns with the global trend of advancing chip technology, aiming to meet the demands of fields like AI and cloud computing.
Nikkei staff reporter Hideaki Ryugen disclosed that Kaohsiung Mayor Chen Chi-mai expressed support for TSMC’s new initiative, committing to adjustments to water and electricity supply to ensure smooth construction. Ryugen further noted that TSMC is also seeking a site for a new plant in Taichung, which could become its third 2nm chip hub in Taiwan.
In the context of the broader industry, TSMC’s advancement towards 2nm chips echoes the recent discovery of Samsung’s 3nm Gate-All-Around (GAA) semiconductor in Microbt’s Whatsminer M56S++ bitcoin mining rig. This marked the first known application of the 3nm technology, discovered by Techinsights. Samsung’s breakthrough has long been speculated, and its commercialization can aid in the production of even more advanced chips.
The discovery of Samsung’s 3nm chip in the bitcoin mining machine is a crucial development, enhancing performance and energy efficiency. The Whatsminer M56S++ bitcoin mining rig produces an estimated 230 to 254 terahash per second (TH/s), and the utilization of Samsung’s technology could be a harbinger of things to come in the industry. For instance, Microbt’s rival, Bitmain, is believed to utilize chips supplied by TSMC, the same company venturing into 2nm technology.
What do you think about TSMC expanding to build out 2nm semiconductor production? Share your thoughts and opinions about this subject in the comments section below.
French President Emmanuel Macron on Taiwan: ‘Being an Ally Does Not Mean Being a Vassal’
French president Emmanuel Macron has decided to double down on his strategic autonomy policy thesis, declaring that Europe should not be forced to side with Beijing or Washington on Taiwan. Macron declared that being a U.S. ally ‘does not mean being a vassal’ in a state visit to Amsterdam, propping criticism and praise alike for his position.
Macron Doubles Down on Strategic Autonomy Policy for Europe on Taiwan Issue
French president Emmanuel Macron has reinforced his stance when it comes to the allegiance of France and Europe in the case of a potential conflict in Taiwan. In a recent state visit to Amsterdam, Macron doubled down on his earlier remarks, stating that Europe should remain neutral, rejecting to be grouped with any sides in a war conflict.
In a press conference given alongside Dutch Prime Minister Mark Rutte on April 12, Macron stated:
Being an ally does not mean being a vassal… doesn’t mean that we don’t have the right to think for ourselves.
The statements come as a complement to what Macron expressed during his visit to president Xi in China, affirming his belief in the doctrine of “strategic autonomy” and stating Europe had no possibility of taking action in Taiwan. Macron explained any statements on the case would just only serve to bring more tensions to the parts involved
At that time, Macron also rejected the idea of being caught in the turmoil, considered allies of the U.S. “The paradox would be that, overcome with panic, we believe we are just America’s followers,” he stated.
Positive and Negative Reactions
Macron’s statements have spurred a myriad of reactions, some praising its international vision, and others criticizing its attitude towards China. U.S. senator Marco Rubio disregarded Macron’s take on the Taiwan issue, declaring that if Europe doesn’t “pick sides between the U.S. and China over Taiwan, then maybe we shouldn’t be picking sides either on Ukraine.”
Former U.S. president Donald Trump also gave his take on the issue, being harsh with Macron stating that while he was a friend, he was “over with China, kissing his ass.” macron declined to comment on the issue, stating that Trump was part of the escalation that he wanted to avoid.
Macron’s statements are part of a recent chain of events that challenge the hegemony and influence of the U.S. in Europe and the Middle East. on April 4, after the Organization of the Petroleum Exporting Countries and Russia (OPEC+) announced a series of spontaneous oil production cuts, Saudi Arabia’s crown prince Mohammed bin Salman stated he was no longer interested in pleasing the U.S.
What do you think about Macron’s strategic autonomy policy? Tell us in the comment section below.
Taiwan Follows Hong Kong With Plans To Regulate Crypto
Taiwan has announced its plans to regulate its crypto industry through the Financial Supervision and Administration Committee (FSC) or the newly established Ministry of Digital Affairs (MODA).
Taiwan’s Crypto Legislation
Taiwan plans to regulate cryptocurrencies through special legislation, and its Financial Supervisory Commission (FSC) will monitor the burgeoning industry. Huang Tien-mu, the Chairman of the FSC, confirmed this during a parliament hearing analyzing global banking stability.
Participants in Taiwan’s crypto industry welcomed the news. Wayne Huang, the co-founder and CEO of XREX, believes the industry will grow under proper regulation.
Finally! Taiwanese regulators will fully regulate the crypto industry. Excellent coverage by @CoinDesk @thesamreynolds
https://t.co/5PvgCCgQDS
— Wayne Huang (@waynehuang) March 20, 2023
The new rules will require crypto trading platforms to be licensed by the appropriate regulators. Meanwhile, consultations have been launched to propose how best to regulate virtual asset trading platforms. An initial framework for the law is expected by June, with an initial draft for later this year.
Taiwan’s central bank and the FSC are two of the primary financial regulators in Taiwan. The central bank sets the country’s monetary policy and oversees foreign exchange regulations. On the other hand, the FSC has a broad remit over everything from banking regulation, securities, and Futures to anti-money laundering (AML).
Some lawmakers in Taiwan wanted the newly-established Ministry of Digital Affairs (MODA) to be the chief crypto regulator since it is a new digital asset technology. Yet, others said the MODA is relatively new and inexperienced compared to the FSC.
Currently, the FSC has no interest in regulating non-fungible tokens (NFTs) and local Taiwan media quoted Huang Tien-mu, saying that since NFTs are still emerging as an asset class, it is too early to regulate them.
FTX Crash Shaping Taiwan’s Crypto Landscape
Despite China’s ban on crypto-related activities, Hong Kong wants to become a crypto hub. Taiwan, which has previously taken a hands-off approach to crypto regulation, is following Hong Kong’s lead.
The FTX crash of last year could have made regulators speed up the creation of applicable laws. Following the bankruptcy of the Sam Bankman-Fried-led exchange, clients in Taiwan were some of the most impacted, with a report estimating that they lost approximately billion.
The FTX collapse also saw crypto assets tank. Bitcoin dropped below ,000 in mid-November, registering new 2022 lows.
Crypto firms in Taiwan remain optimistic that the government will learn from Hong Kong’s regulatory experience and take steps to create a favorable regulatory environment to spur innovation in crypto and blockchain.
Despite Hong Kong’s crypto ambitions, the city could still find competition with other hubs like Singapore and Dubai.
According to Yuya Hasegawa, a market analyst from the Japanese crypto exchange Bitbank, regulation is necessary for healthy growth. Still, to compete with other crypto hubs, there must be an appealing tax policy for crypto projects.