Chain News Daily Today TheBitTimes.com

The exchange confirmed its COO's brief relationship to an alleged money laundering group in a statement on November 13. Taiwan cryptocurrency exchange Bitgin is under investigation by the country's police force for money laundering. According to local news reports early this week, Yuting Zhang, the firm's COO, was arrested by Taiwanese police for his alleged role in the "Eighty-Eight Guild Hall" money laundering incident.  Previously Zhemin Guo and Chengwen Tu, two local businessmen, were accused by police of operating a multi-billion-dollar money laundering scheme by using their foreign exchange offices and crypto exchange accounts to launder proceeds of crime obtained via wire fraud from overseas. Chengwen Tu is also accused of defrauding the country's tax authorities by claiming 300 million New Taiwan Dollar ($9.28 million) in fradulent export tax refunds through overseas sale of video game credits.  Taiwan currently has no official licensing regime for c...

Singapore authorities arrested ten foreigners in a major money laundering bust, confiscating assets worth roughly $735 million. On Aug. 16, Singaporean police arrested ten foreign nationals with Chinese passports, accused of laundering approximately S$1 billion ($735 million) in Singapore. During their investigations, officials seized assets, including 94 properties, 50 vehicles valued at over S$815 million, and 35 bank accounts totaling nearly S$110 million. Additionally, 11 documents linked to various cryptocurrency accounts were also confiscated. You might also like: Singapore introduces regulations for single-currency stablecoins The Monetary Authority of Singapore is currently working with the police to identify contaminated funds and assets in the country’s financial system. “The case has highlighted that as a global financial hub, Singapore remains vulnerable to transnational ( money laundering and terrorism financing) risks” and that the regulator needs to...