Major Taiwan exchanges respond to FTX and Alameda risks, ACE, BitOEX, and MAX unaffected.
The FTX incident has caused significant turbulence in the cryptocurrency industry, but its impact on Taiwanese fiat exchanges remains uncertain. Chain News interviewed four major Taiwanese exchanges to see if they would respond to the FTX and Alameda crisis. So far, the responding exchanges have stated that they are not affected and encourage readers to evaluate the situation themselves.
ACE Exchange’s response:
“I am David Pan, the founder of ACE Digital Asset Management Group. ACE Exchange is not affected by the FTX incident, and our trading and operations are completely normal. ACE is Taiwan’s first legal and compliant exchange, registered in Taiwan, providing a platform for trading in New Taiwan Dollars and cryptocurrencies. ACE has double insurance, with “100% New Taiwan Dollar Price Trust Custody” by KGI Bank and “CYBAVO Cryptocurrency Wallet System” via Nord Insurance Brokerage to safeguard customer cryptocurrency assets. ACE also engages a professional accounting firm to audit user assets, ensuring no misappropriation of customer funds. We guarantee the safety of all assets within ACE and provide 100% reserve-related proof. We offer a wide range of investment and wealth management functions and products, including spot trading, dollar-cost averaging, one-click trading, grid trading, and asset accumulation. We use an intelligent risk control system, diverse allocation strategies, and internally developed AI robots to monitor market signals, including mainstream market indicators, and quickly grasp market mechanisms. ACE ensures that the group and the industry adhere to the highest legal and compliance principles and are committed to protecting customer asset security. We will overcome every bull and bear market together.”
Bito Exchange’s response:
“Bito Group has not been impacted by the FTX incident due to our high risk awareness. Bito Pro Exchange’s operations, which involve spot matching trading between users, are not affected. Bito EX Wallet employs a decentralized purchasing strategy, spreading a small amount of funds across major global trading platforms. When a foreign research institution issued a warning about abnormal conditions in FTX last week, Bito suspended trading on FTX and withdrew funds to minimize risk. Bito Group remains optimistic and passionate about the blockchain and Web3 industry and technology. Even in a bear market, Bito will stand with users and provide functions suitable for such market conditions. However, given the recent volatility in the cryptocurrency market, users are reminded to exercise caution in their investment activities.”
Maicoin Group’s response:
“The recent FTX incident has caused volatility and panic in the global cryptocurrency market. MaiCoin and MAX Digital Asset Exchange always adhere to the highest operational principles of proactive compliance, user protection, and rigorous risk control. Both platforms have not listed the FTT token and have not been directly affected. MaiCoin and MAX have never listed FTT or any other digital assets directly related to FTX. However, FTX.com is one of the institutional entities with which the group has business dealings for hedging and liquidity management. The group’s exposure balance on FTX.com is approximately $260,546.07 USD, which does not have a significant impact on the group’s operations and customer asset security. The group’s fiat and digital assets exceed liabilities, and our own funds and liquidity reserves can continue to support the group’s sustainable and robust operations. MaiCoin and MAX platforms fully deliver Taiwanese assets to trust accounts supervised by the Financial Supervisory Commission of the Republic of China, ensuring the independence of users’ New Taiwan Dollar assets. Users’ digital assets are also protected by relevant insurance and the highest level of cybersecurity control. The board of directors of the group believes that upholding the highest standards and gaining the trust of users and the market is the group’s unwavering mission.”
BITGIN Exchange’s response:
“BITGIN Exchange is not affected by the FTX incident, and all user assets are very safe. BITGIN’s business model is different from other exchanges, as our assets are constantly in circulation, so the FTX incident has not had any impact on BITGIN. BITGIN always adheres to the principle of proactive cooperation and support in dealing with platform risks in the cryptocurrency market. We look forward to and support the Taiwanese government in proposing more comprehensive and rigorous regulatory systems for cryptocurrencies, providing a safer environment for investors and protecting the security of all investors’ assets. The application of blockchain is gradually rising, and its essence lies in decentralization, on-chain transactions, public transparency, and verifiability. BITGIN maintains a cautious and optimistic attitude towards blockchain. We believe that decentralized exchanges and applications can fully leverage their advantages in the future, and BITGIN believes that it can move towards a more decentralized direction. Whether it’s GameFI, DeFi, or decentralized identity authentication, BITGIN can provide a simpler, safer, and protected operation experience for all users.”
HOYA Bit’s response:
“HOYA Bit cryptocurrency exchange has not been affected by the FTX incident. In terms of user asset management services, HOYA Bit has established asset custody and insurance mechanisms for both New Taiwan Dollars and cryptocurrencies. For New Taiwan Dollars, HOYA Bit cooperates with KGI Bank to provide trust services, ensuring the independence of user assets in New Taiwan Dollars. For cryptocurrencies, HOYA Bit collaborates with Cybavo, using highly secure digital asset wallets and obtaining insurance coverage from Lockton Insurance, an internationally renowned AA-rated insurance company, for each user. This resolves concerns about the security of users’ digital assets. We believe that the FTX incident provides an opportunity for industry players and investors to learn. When exchanges launch any token or product, they should conduct proper risk assessments and not expand or introduce speculative products arbitrarily. Even large financial institutions or traditionally trusted banks cannot withstand customer runs. HOYA Bit’s founder and CEO, Zoe, has called for mutual assistance rather than attacks among cryptocurrency industry players facing liquidity issues. Only through everyone’s collective efforts can the cryptocurrency industry as a whole thrive and mature. During this FTX incident, many cryptocurrency investors in Taiwan suffered heavy losses. It is crucial to establish a correct investment concept for cryptocurrencies. Investors must understand the chosen cryptocurrency, including its global circulation scale, security, and stability, as priority considerations. Prior research and risk awareness are necessary before investing.”
These responses from ACE, Bito, MAX, BITGIN, and HOYA Bit exchanges assure readers that their operations are not affected by the FTX incident. They emphasize their commitment to compliance, risk control, and user asset security. The exchanges also highlight their various measures to protect user assets, including insurance coverage, independent custody, and strict auditing. They stress the importance of responsible and cautious investment behavior and express optimism about the future of the blockchain industry.