BitShine, a local cryptocurrency exchange in Taiwan, recently announced a change in its management team, marking the beginning of a new phase of development for the company.
Established in November 2021, BitShine Exchange has successfully complied with the anti-money laundering regulations set by the Financial Supervisory Commission of Taiwan. The exchange aims to provide a user-friendly and compliant platform for beginners in the cryptocurrency field.
Yesterday (16th), Peiyun Chen, the co-founder of BitShine, posted on Facebook, stating that BitShine Technology Co., Ltd. completed the change in its management team on January 3, 2024. The company has handed over the reins to a group of passionate, experienced, and visionary professionals. This new leadership team will lead the company to face challenges, seize opportunities, and achieve its long-term development goals.
In an interview with Web3+ regarding the acquisition, Peiyun Chen expressed that BitShine Technology hopes to expand on a larger scale, which requires a more experienced team in various aspects. She stated, “The new team has profound experience and strength. We believe that handing over the company to them will enable excellent growth.”
However, due to a signed confidentiality agreement, specific details about the acquisition cannot be disclosed.
As of the update on March 1, 2024, according to the list of “Virtual Currency Platform Operators Who Have Completed the Anti-Money Laundering Compliance Statement” published on the official website of the Financial Supervisory Commission’s Securities and Futures Bureau, there are currently 25 operators who have completed the compliance statement.
In addition to well-known local exchanges in Taiwan, such as MaiCoin, XREX, BitoEx, HOYA BIT, Rybit, Bibox, and Zone Wallet, there are also BitGin and ACE Exchange on the list. BitGin was involved in the “88 Mansion” money laundering case, and ACE Exchange’s founder was implicated in a cryptocurrency fraud. Both exchanges are currently still on the list.
On the first working day of 2024, BitGin issued an announcement stating that it will temporarily suspend services to individual users starting from January 3. It will transform into a cryptocurrency exchange specializing in serving corporate clients.
ACE Exchange, despite its founder’s involvement in an air coin fraud case, emphasized that the operation of the exchange is currently normal, and users can conduct deposits and withdrawals as usual. At this stage, the team will strive to find solutions to maintain the normal operation of the business.
Furthermore, at the end of 2023, three companies under the BitoEx Group, “BitoEx Technology Co., Ltd.,” “Hongke Technology Co., Ltd.,” and “BitoEx Technology Co., Ltd. Taiwan Branch,” have completed the anti-money laundering compliance statement. With the approval of the Financial Supervisory Commission, these companies have consolidated their products and operations. All virtual currency-related businesses are now under the responsibility of “BitoEx Technology Co., Ltd.”
️Further reading:
Two fewer anti-money laundering cryptocurrency operators! Why are they all under the BitoEx Group? Operators explain the reasons themselves.
BitoEx explained that the reason for having three companies on the list is that initially, any business related to virtual currencies, such as wallets or exchanges, must submit a compliance statement if they provide corresponding products and services. This is why such a situation occurred. The subsequent two companies, “Hongke Technology Co., Ltd.” and “BitoEx Technology Co., Ltd. Taiwan Branch,” will focus on providing technical support for BitoEx Group’s services and products.
Proofread by: Katie Hsu