TAIPEI, September 2, 2021 / PRNewswire / – As nations around the world try to take control of cryptocurrencies to prevent financial crime, ACE exchange, a leading cryptocurrency exchange based in Taiwan, has proactively implemented numerous measures to meet the relevant requirements and to contribute to the fight against money laundering, Taiwan Regulators to create a safe and transparent cryptocurrency environment.
David Pan, founder of ACE Exchange, says security is a top priority for the company
To achieve this, ACE Exchange has partnered with KPMG, KGI Bank, CYBAVO and Lockton to provide AML and other financial crime protection on its platform and to provide a secure crypto trading platform for all users.
In recent years, crypto assets have grown in importance, especially among young investors. The exponential increase in popularity has also raised concerns about the inherent risks of unregulated transactions between cryptocurrency holders. To prevent cryptocurrencies from becoming a money laundering channel, authorities have tightened regulations for the industry, including the New Taiwan Cryptocurrency rules issued on July 1 which cryptocurrency exchanges require to verify and evaluate user identities.
“ACE Exchange has worked with KPMG to take relevant anti-money laundering and terrorist financing practices by rigorously verifying user information and identities prior to the introduction of the new Taiwanese AML regulations for cryptocurrencies Taiwan Criminal and investigative agencies to help set up comprehensive anti-money laundering mechanisms in the crypto room, “said David pan, Founder of ACE Exchange.
Security is a top priority at ACE Exchange
ACE Exchange offers double protection for the new Taiwan dollar and crypto assets. In 2020 the company founded the “FIA Fund Trust Custody” together with the KGI Bank. ACE Exchange is operated by the world-renowned blockchain security company CYBAVO and is equipped with a state-of-the-art security system for digital assets and a third-party digital wallet for users.
The story goes on
ACE Exchange’s partnership with S&P AA-rated international insurance company Lockton gives users all-round protection.
Since its inception, ACE Exchange has prioritized security and user protection, which in partnership with the world’s leading law firms, accounting firms and financial institutions has laid a solid foundation for regulatory compliance regarding AML and KYL.
In early 2018, ACE Exchange received guidance from KPMG on setting up transaction procedures and ensuring compliance with anti-money laundering and terrorist financing (CTF) regulations.
In 2021, Rex Chu, Risk Consultant and Executive Vice President of Forensic Accounting Services at KPMG Taiwan, assisted ACE Exchange in planning product development and operations in accordance with the relevant Taiwan Laws and regulations to meet the standards of high profile financial banks. It has put ACE Exchange at the forefront of the crypto industry in building and strengthening its risk management protocols and user protection mechanisms.
Via ACE Exchange
Founded in 2018 by David pan, former COO of KPMG Innovation and Startups, ACE Exchange is one of the largest cryptocurrency platforms with first-class digital security measures in Taiwan. It currently ranks second in Taiwan in terms of trading volume in Bitcoin, Ethereum and StableCoins. The brand has set itself the goal of building the most professional fiat-to-crypto exchange and providing a channel for easy access to cryptocurrencies for all Taiwanese people.
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SOURCE ACE exchange