Ace Exchange founder David Pan is facing allegations of fraud and money laundering amounting to $10.7 million. Taiwanese prosecutors have pressed charges against Pan and six other individuals for their involvement in the scheme. The charges include money laundering and fraud, with losses totaling 340 million Taiwan dollars.

Pan was a key figure in the fraudulent Alfred Wallet service and A+Card cryptocurrency card, where investors were unable to withdraw their funds after depositing them. As a result, over 160 individuals fell victim to the scam, with all assets frozen in internal accounts.

In response to the allegations, a Taiwanese court has ordered the confiscation of Pan’s assets. However, Ace Exchange representatives have denied any wrongdoing, stating that Pan is no longer affiliated with the company and his actions were independent of the platform’s operations.

Ace Exchange, established in 2018, is a prominent cryptocurrency exchange in Taiwan. The exchange is said to be cooperating with local authorities, and Pan ceased his involvement with the platform in 2022. Earlier this year, Pan was arrested, along with 13 others, for their roles in a cryptocurrency scam spanning three years.

In a separate development, the Financial Supervisory Authority in Taiwan introduced 10 new regulations for virtual asset service providers (VASPs) following consultations with industry experts. These regulations are designed to enhance transparency and compliance in cryptocurrency operations, aligning Taiwan with global standards.

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