ACE Exchange President Faces Legal Turmoil

The cryptocurrency scandal involving the company’s founder, David Pan, deepens, putting ACE Exchange’s leadership under scrutiny.

Today, Taiwanese prosecutors petitioned a Taipei court to detain Chenhuan Wang, the president of ACE Exchange, on suspicion of money laundering and fraud, following the alleged orchestration of fraud by the company’s founder, David Pan, earlier this month.

Wang, who is also the partner in command of the law firm Chien Yeh law offices, was summoned by prosecutors on Tuesday along with four other suspects, according to the Taipei District Prosecutors Office. The police raided multiple locations throughout northern Taiwan.

According to the prosecutor’s office, after the interrogation, the prosecutors submitted a petition to the court seeking detention and visitation restrictions for Wang and the remaining four suspects.

Pan and a co-conspirator with the surname Lin were accused of collaborating for three years to deceive investors into investing in worthless cryptocurrencies, including MOCT, through deceptive social media advertisements earlier this month.

Wang is allegedly implicated in the case, according to the prosecutors’ statement today; a court is scheduled to rule on his detention later today.

Chenhuan Wang Faces Detention in ACE Exchange Money Laundering Probe

ACE issued a clarification in a statement earlier this month following the news of Pan’s detention, stating that Pan ceased involvement in day-to-day operations in 2022 and Wang assumed the presidency in September 2023.

Wang said at the time that he had endeavored to delist contentious currencies after his registration on the exchange. Additionally, an ACE Exchange spokesperson had previously informed that the organization was providing witness testimony in the investigation.

ACE issued today’s following statement: The organization’s trading and operational conditions are typical. The company further stated, “We guarantee the protection of user assets, and all deposit and withdrawal services for cryptocurrencies and New Taiwan Dollars are operating without interruption.”

ACE, founded in 2018, is among the most prominent cryptocurrency exchanges in Taiwan, competing with BitoGroup and MaiCoin.

The management staff of ACE, according to the organization, “will not tolerate any misconduct by anyone.”

Today, Chien Yeh Law Offices, where Wang is the head of the office and partner in command, announced that the ACE case was a “personal investment matter” of Wang and that another attorney will assume Wang’s responsibilities as head of the office.