Taiwan's Bitgin cryptocurrency exchange under investigation for money laundering

Bitgin, a cryptocurrency exchange in Taiwan, is being investigated for money laundering by the country's police force. The COO of Bitgin, Yuting Zhang, was arrested for his alleged involvement in the "Eighty-Eight Guild Hall" money laundering incident. Two local businessmen, Zhemin Guo and Chengwen Tu, were previously accused of operating a multi-billion-dollar money laundering scheme using their foreign exchange offices and crypto exchange accounts. Taiwan currently has no official licensing regime for cryptocurrency exchanges, and Bitgin is a member of the Virtual Asset Service Provider Preparatory Office (VASP) for self-regulation and lobbying. Bitgin stated that it is cooperating with the investigation and hopes that the facts can be clarified soon.