ACE Exchange Partners with KPMG to Tackle Cryptocurrency Money Laundering

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.

In addition, ACE Exchange 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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. 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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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.