The trading platform CoinW is involved in Money Laundering of 2.3 billion TWD, and the prosecution has charged 14 people.

According to Techub News, the Taiwan Shilin District Prosecutor’s Office stated that the encryption trading platform CoinW is involved in assisting a fraud group in converting cash into virtual money, with money laundering amounting to 2.3 billion TWD, affecting over a thousand victims. The police began searches in April and detained 14 people including the person in charge, Shi Qiren, seizing cash of 60.49 million TWD and 640,000 USDT in virtual assets. The prosecutor’s office filed charges against the 14 individuals today for fraud, money laundering, and organized crime, requesting the confiscation of 1.275 billion TWD in criminal proceeds. The prosecutor’s office pointed out that Shi Qiren and others provided virtual asset services illegally through the offshore exchange CoinW and over 40 affiliated stores without the approval of the Financial Supervisory Commission and without completing money laundering prevention registration, which was essentially a means for the fraud group to amass wealth. Furthermore, Shi Qiren showed a poor attitude after committing the crime, and the court intends to sentence him to 25 years in prison.