BitShine, a Taiwanese cryptocurrency exchange, recently announced a change in its management team, marking the beginning of a new phase of development for the company.
Established in November 2021, BitShine Exchange successfully complied with Taiwan’s Anti-Money Laundering regulations and aimed to provide new cryptocurrency enthusiasts with a simple and user-friendly experience under legal and regulatory supervision.
Yesterday, on January 16th, co-founder of BitShine, Chen Pei-Yun, posted on Facebook to announce the completion of the change in the management team of BitShine Technology Limited on January 3rd, 2024. The company has handed over the reins to a group of passionate, experienced, and visionary professionals. This new leadership team will guide the company in facing challenges, seizing opportunities, and realizing long-term development goals.
In an interview with “Web3+,” Chen Pei-Yun stated that BitShine Technology aspires to achieve greater scalability, hence the need for a team with extensive experience in various aspects. She expressed confidence in the new team, stating, “The new team has deep experience and strength, and we believe they can lead the company to grow successfully.” However, due to a signed confidentiality agreement, specific details about the acquisition cannot be disclosed.
According to the list of virtual currency platform operators who have completed the Anti-Money Laundering compliance statement published on the official website of the Financial Supervisory Commission’s Securities and Futures Bureau (updated on March 1, 2024), there are currently 25 operators who have completed the compliance statement.
Apart from well-known local exchanges in the Taiwanese cryptocurrency industry such as MaiCoin, XREX, BitoEX, HOYA BIT, Rybit, BitPro, and Zone Wallet, several exchanges that were involved in the “88 Mansion” money laundering case, including Bit-Jing and ACE Exchange, which had its founder involved in a virtual currency fraud case, are also listed.
BITGIN, formerly known as Bit-Jing, announced on the first working day of 2024 that it would temporarily suspend services to individual users starting from January 3rd, and subsequently transform into a cryptocurrency exchange specializing in serving corporate clients.
ACE Exchange, despite facing difficulties due to its founder’s involvement in an air coin fraud case, emphasized that the exchange’s operations are currently functioning normally, and users can proceed with deposits and withdrawals as usual. At present, the team is actively seeking solutions to maintain the normal operation of the business.
Furthermore, at the end of 2023, three companies under the BitoEX Group, including BitoEX Technology Co., Ltd., Hongke Technology Co., Ltd., and BitoEX Technology Co., Ltd. Taiwan Branch of the British Virgin Islands, merged their products and business operations with the approval of the Financial Supervisory Commission. All virtual currency-related businesses were consolidated under BitoEX Technology Co., Ltd.
According to BitoEX’s explanation, the reason why three companies are listed is that in the beginning, any virtual currency-related business, such as wallets or exchanges, that had corresponding products and services had to submit an Anti-Money Laundering compliance statement. Hence, this situation occurred. The subsequent focus of Hongke Technology Co., Ltd. and BitoEX Technology Co., Ltd. Taiwan Branch will be on providing technical support for BitoEX Group’s services and products.
Proofread by: Kao Ching-Yuan
