The largest physical coin dealer in Taiwan "Coin Idea" is involved in Money Laundering; the Criminal Investigation Bureau conducted 33 searches, and 7 individuals were taken into custody.

Taiwan's largest physical virtual money exchange "Bitshine" has been shockingly implicated in a major money laundering case. The Criminal Investigation Bureau's Second Team conducted simultaneous searches across the country on April 24, discovering that the exchange was suspected of laundering money for a fraud group, with monthly cash flow reaching hundreds of millions. Seven suspects have been brought in and have been transferred to the Shilin District Prosecutor's Office for investigation.

It is reported that "Coin Idea" is an early operator who has passed the anti-money laundering declaration. Before the registration system was implemented, the company changed hands and is actively integrating OTC coin merchants and physical stores across Taiwan, and is currently moving towards the registration system. "Coin Idea" is also a member of the Virtual Money Association.

33 Route Synchronous Search, Locking in All Taiwan "Coin Dreams" Stores

On the morning of the 24th, the Criminal Police Bureau's Second Investigation Team dispatched a large number of police forces to simultaneously search 33 locations of the "coin idea" Virtual Money exchange stores spread across 14 counties and cities in Taiwan. This operation targeted exchanges suspected of assisting scam groups in Money Laundering, and seven people, including a man with the surname Shih, have been apprehended and are currently being interrogated.

Is the exchange becoming a cash withdrawal machine for fraud groups? "Coin Dream" is involved in assisting cash Money Laundering.

Police investigations have found that these coin merchants appear to be legitimate stores providing virtual money trading, but in reality, they have become important channels for fraud groups to engage in Money Laundering. The fraud group would ask victims to go to the "Coin Wish" store to purchase virtual money with cash, which is then transferred by the exchange to a wallet address designated by the fraud group, thereby circumventing financial regulations and achieving the purpose of "cleaning" the proceeds of crime.

Monthly cash flow exceeds 100 million, police estimate illegal profits to reach tens of millions.

According to preliminary data gathered by the Criminal Investigation Bureau, the "coin dream" exchange has a monthly cash flow reaching several hundred million, with police estimating that its illicit profits could exceed tens of millions per month. It is understood that coin dealers earn rewards by taking a commission on each transaction. If the exchange has been long-term assisting fraud groups in fund transfers, the impact could be much broader than what is currently understood.

The largest coin dealer has fallen, and the police are investigating the behind-the-scenes mastermind.

"Bitshine" (幣想科技) previously called for being the largest physical virtual money exchange in Taiwan, focusing on legal, convenient, and secure trading, and quickly expanding to 33 locations across Taiwan. However, this large-scale search operation by the Criminal Investigation Bureau may affect the image of the coin merchants. The police also stated that they will continue to investigate whether there are behind-the-scenes masterminds or groups controlling this case.

Sent for violating the Money Laundering Prevention Act, the prosecution has taken over the investigation.

On the 25th at 18:00, the Criminal Bureau transferred 7 individuals, including the responsible person with the surname Shi, to the Shilin District Prosecutor's Office for further investigation for violating the Money Laundering Prevention Act and the Banking Act, among other charges. The police emphasized that while virtual money has the characteristics of anonymity and cross-border movement, once it is misused as an illegal tool, it poses a significant threat to social security.

( is the law useless? ACE is shutting down and reselling, the Financial Supervisory Commission and VASP association are powerless to intervene, and the identity of the new person in charge has been misreported ).

This article discusses the largest physical coin dealer in Taiwan, "Coin Idea," involved in Money Laundering. The Criminal Investigation Bureau conducted 33 searches and 7 people were brought in for questioning. This was first reported by Chain News ABMedia.