Taiwanese 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 chief operating officer, 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 multibillion-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. Tu is also accused of defrauding the country’s tax authorities by claiming 300 million New Taiwan dollars ($9.28 million) in fraudulent export tax refunds through the overseas sale of video game credits.
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