Police teams in Taiwan launched an investigation against cryptocurrency exchange Bitgin on suspicion of money laundering.
According to information reported by local news sources, Yuting Zhang, the COO of the cryptocurrency exchange, was detained for his alleged connection with the “88 Guild Hall” case.
Two businessmen named Zhemin Guo and Chengwen Tu were accused in the case that occurred between 2021-2022. Allegedly, the two names used foreign exchange offices and cryptocurrency exchanges to launder the proceeds of crime. billions of dollars operated a network.
In the statement made by Bitgin management, the stock market from the investigation and Zhang’s detention. It was stated that he was not affected. The company also announced that it is cooperating with the police regarding the investigation.
Taiwan does not officially regulate the cryptocurrency industry. However, some cryptocurrency organizations, including Bitgin, established a joint office in September to regulate themselves and conduct lobbying work.
In the statement made by the Virtual Asset Service Provider Preparatory Office mentioned in the investigation It was stated that the members’ work in the group was suspended.