The Financial Supervisory Commission’s Statement on the Removal of Cryptocurrency from the Market: Yin Tianxia Claims Confusion and Indicates Self-Withdrawal
Taiwan’s Existing Virtual Currency Operators Await Registration System
Taiwan’s existing virtual currency operating service providers (VASP) are relying on anti-money laundering declarations prior to the new law to maintain their legal operations during the transition period; however, operators with anti-money laundering declarations, such as CoinEx and CoinWorld, have been removed from the Financial Supervisory Commission’s list of compliant entities for two consecutive days.
Among them, CoinEx is involved in a money laundering case, and its responsible person has been referred for investigation, which is understandable. However, CoinWorld reportedly withdrew on its own and has issued a statement indicating that it has decided to suspend its operations after careful consideration.
(Taiwan’s largest physical currency dealer “CoinEx” involved in money laundering; Criminal Investigation Bureau conducts 33 searches, 7 individuals brought in for questioning.)
CoinWorld states that it has no cooperative relationship with CoinEx.
On the 7th, CoinWorld released a clarification statement pointing out that a competing entity has allegedly forged and misappropriated its images and intellectual property, leading to the erroneous citation of the company’s efforts. CoinWorld emphasized that there is no relationship with “CoinEx Exchange” in terms of cooperation, business, or capital and has formally filed a lawsuit to defend its rights. The company requested media outlets to correct related misinformation to avoid public misunderstanding. The company reiterated its commitment to integrity and lawful operation since its establishment and expressed regret for being unwarrantedly implicated. It also thanked customers and various sectors for their support and promised to uphold its reputation in accordance with the law while continuing to monitor subsequent developments.
The Financial Supervisory Commission’s large-scale financial inspection is expected to strengthen compliance.
The Financial Supervisory Commission recently stated that in 2025, it will conduct special inspections on 12 VASPs that have not yet completed financial inspections. This is the largest scale of financial inspections in a single year in history. Key focus areas include anti-money laundering, combating terrorism financing, preventing the proliferation of weapons, consumer protection, and fraud prevention, aimed at enhancing the regulatory intensity and transparency of the overall virtual currency industry.
(VASP Major Inspection｜CoinEx’s involvement in fraud ignites regulatory storm, Financial Supervisory Commission initiates the largest virtual currency financial inspection in history.)
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