Court certifies operation without worries! ACE Exchange’s application for temporary agent blocked, calls out specific media: reserves the right to pursue legal action for false accusations.
Three major Taiwanese exchanges, ACE, have sparked widespread discussion due to the involvement of their founder, Pan Yizhang, and current CEO, lawyer Wang Chenhuan, in an air coin fraud case. The exchange’s operating team continues to maintain normal deposits and withdrawals, and works with a fund custodian bank to protect the interests of investors. In a recent court document, ACE’s current management team is seen facing the challenges posed by shareholders’ alleged criminal activities.
According to the civil documents from the Taipei District Court, the ACE exchange’s management team applied to the court for an “interim administrator” to exercise decision-making rights, including preventing business interruptions, blocking funds from entering or exiting the bank, inability to pay employee salaries, and inability to pay for system and operating expenses.
However, on March 14th, the court ruled that ACE’s operations were not hindered in various operational practices. The evidence submitted cannot prove any connection with the involved parties, therefore the court rejected the need for an “interim administrator.” ACE’s management team stated that they will appeal again.
After specific media reports on this matter, ACE issued a statement and reserved its rights for legal prosecution, stating, “ACE’s operations are running normally. The application process is only to implement corporate governance. Regarding the matters reported by the media, this action is only exercising the existing rights of the exchange in accordance with the Company Act and fulfilling the legal compliance obligations to ensure that the operation is not affected by external forces. It is not related to the financial issues reported by the media. The Taiwanese assets of ACE’s users are fully protected by KGI Bank’s trust services, and the recharge and withdrawal services for all cryptocurrencies and New Taiwan Dollars are operating smoothly. We reserve all legal rights to pursue any reputational damages and other consequences caused by false accusations against ACE and its employees. ACE’s management team has always been committed to complying with laws and regulations. We will act in accordance with the law regarding any suspected illegal events, including the delisting of controversial currencies when necessary. We support the strict enforcement of the law to maintain market order and protect investor rights.”
The ACE exchange’s management team stated that they are appealing again in order to fulfill their statutory obligations for corporate governance. ACE is the first virtual currency exchange in Taiwan to face difficulties due to the involvement of its top management in air coin fraud. Although deposits and withdrawals are currently unaffected and operations are normal, the company is in a state of limbo due to the arrest of its founder and CEO over scandalous allegations.
When interviewed, the current management team of ACE stated that they can only do their best to find a solution and continue operating ACE’s business as usual.
ACE
Pan Yizhang
Wang Chenhuan
Wang Hongsu
Interim agent
