Taiwan Crypto Assets operators strengthen anti-fraud mechanisms: CoinEx and Maicoin suspend convenience store value-added services

To comply with the Financial Supervisory Commission's (FSC) anti-money laundering and counter-terrorism financing policies for virtual asset exchanges, the Virtual Currency Industry Association of the Republic of China announced that it has notified its members to fully adopt payment methods that can retain cash flow records for transactions, enhancing transaction transparency and traceability.

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The Financial Supervisory Commission requires traceability of cash flow records, and the association fully responds.

According to the recent strengthened policies by the Financial Supervisory Commission, virtual asset trading activities must ensure that the cash flow has Traceability to comply with the regulatory requirements for preventing Money Laundering and combating financing of terrorism. The Republic of China Virtual Currency Industry Association stated that it has issued a notice to all members, emphasizing that when conducting financial transactions with users, payment channels with complete cash flow record capabilities should be used, such as bank transfers or other payment tools that can retain data.

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The convenience store top-up mechanism has regulatory loopholes, and the two major platforms have taken the lead in suspending its use.

Regarding the current practice of allowing account top-ups through convenience stores on some exchanges, the association pointed out that this mechanism still has loopholes in transaction monitoring and has not yet met the traceability standards required by financial regulation.

Therefore, the two major member companies: Bito Technology Co., Ltd. (Bito) and Modern Wealth Technology Co., Ltd. (Maicoin) have proactively announced that they will suspend value-added services through convenience stores starting today. Detailed adjustments and subsequent measures will be announced separately by each platform through their official websites.

Maintain market order, the association emphasizes continuous cooperation with regulatory authorities.

The association emphasized that it will continue to maintain close communication with regulatory authorities such as the Financial Supervisory Commission and regularly review the effectiveness of the implemented preventive measures. The association also reiterated that this series of policies and self-regulatory actions aims to enhance the overall industry's defensive capabilities against financial crimes and fraudulent activities, ensuring the safety and stable development of Taiwan's virtual currency market.

This article discusses how Taiwanese cryptocurrency operators are strengthening anti-fraud mechanisms: Bito and Maicoin have suspended convenience store top-up services, first appearing on Chain News ABMedia.