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ACE Exchange Partners with KPMG to Tackle Cryptocurrency Money Laundering

Exchange

www.financemagnates.com 03 September 2021 09:20, UTC
  
Reading time: ~2 m

Taiwan-based cryptocurrency exchange, ACE Exchange recently announced that the company has formed several partnerships with some of the world’s leading audit firms to counter crypto money laundering.

In an official announcement, ACE Exchange mentioned that the company has collaborated with KPMG, KGI Bank, CYBAVO, and Lockton to offer protection against financial crimes and illegal transfer activities. The company aims to provide a secure cryptocurrency trading platform for all its users.

ACE Exchange also highlighted the latest surge in the popularity of cryptocurrency assets among young people and outlined the risks associated with unregulated crypto transactions. The authorities in Taiwan have recently introduced strict cryptocurrency regulations to protect users from fraudulent activities.

“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 joint hands with Taiwan’s criminal and investigative authorities to help establish well-rounded anti-money laundering mechanisms within the crypto space,” David Pan, Founder of ACE Exchange, said.

Cryptocurrency Regulations

Regulatory authorities around the world have increased scrutiny regarding the use of digital currencies in their respective jurisdictions. Due to the recent strict regulations, digital exchanges have started introducing strict KYC requirements for crypto users. According to a recent report by Korea Herald, Bithumb, one of the top cryptocurrency exchanges in Korea, is planning to ban foreigners residing in Korea who cannot process identification with mobile phones.

“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,” ACE Exchange mentioned in the recent press release.


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