Bitgin, a Taiwanese cryptocurrency exchange, is under investigation by the country’s police force for money laundering. It is believed that Yuting Zhang, chief operating officer, Bitgin, was arrested by Taiwanese police for his alleged role in the “Eighty-Eight Guild Hall” money laundering incident, stated Cointelegraph.
Sources revealed that Tu was 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, Cointelegraph added.
“This time, a member of the preparatory group was involved in the investigation case. The preparatory group immediately held a meeting and issued a public response. The members involved in the case also took the initiative to suspend participation in the work of the preparatory group,” Yuling Tsai, general counsel, Taiwan VASP Association, explained.
Furthermore, Bitgin is expected to have mentioned that Zhang stopped all communications with the counterparties after discovering money laundering allegations, Cointelegraph concluded.
(With insights from Cointelegraph)
