The ACE Exchange – based in Taiwan – has joined hands with several audit firms as a means of combating crypto money laundering and other illicit activity in the digital currency space.
The ACE Exchange Is Stepping Up Protections
One of the big problems that the crypto space is seeing as of late is the number of hackers and cyberthieves that want to walk through the door and steal money that isn’t theirs. Often, their schemes come in the form of exchange hacks that wind up draining large crypto trading platforms of hefty amounts of money, but at other times – in what can be considered a more dangerous method – they utilize crypto to wash their money clean through mixing strategies and other illicit measures.
Not long ago, the founder of Helix – a bitcoin mixing facility – pleaded guilty to hiding illicit funds and laundering digital assets, though this is not the first time a situation like this has occurred. Now, the ACE Exchange wants to take necessary action to ensure that this kind of behavior becomes limited and crypto has a chance to become mainstream and legitimate.
In a statement, the trading platform says that it has formed partnerships with several leading financial institutions including KMPG, KGI Bank, CYBAVO and Lockton. The purpose: to offer crypto investor protections against illicit digital currency transfers. All firms are now working together to build what they say will be the steadiest and most secure crypto trading community across the globe.
ACE Exchange says that something like this is needed now more than ever given just how popular cryptocurrencies have become. David Pan – the founder of ACE Exchange – mentioned in an interview:
ACE Exchange has cooperated with KPMG to put in place relevant measures to fight against money laundering and terrorism financing practices by strictly scrutinizing user information and identities even before the rollout of the new Taiwanese AML regulations for cryptocurrencies. We have also joined hands with Taiwan’s criminal and investigative authorities to help establish well-rounded, anti-money laundering mechanisms within the crypto space.
Over the past several months, the call for additional regulations surrounding digital currency have been in call. Recently, the leader of the Securities and Exchange Commission (SEC) Gary Gensler stated that if exchanges are to be trusted and stay in business, they need to comply with regulators and work to instill greater protections for their users.
Ensuring Regulations Continue
In a press release, the ACE Exchange says:
ACE Exchange provides dual protection for the New Taiwan dollar and cryptocurrency assets. In 2020, the company collaborated with KGI Bank to set up ‘FIA Fund Trust Custody.’ Powered by the world-renowned blockchain security firm CYBAVO, ACE Exchange is equipped with a state-of-the-art digital asset security system and a third-party digital wallet for users. Meanwhile, ACE Exchange’s partnership with the S&P AA-rated international insurance company Lockton allows users to enjoy all-around protection.